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Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
 
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Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
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Mortgage Insurance: The monthly cost for a policy that protects the lender in case you're unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
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Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
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Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
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Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs.
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Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
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Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
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Credit Report Fee: Fee charged to obtain an applicant's credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower's creditworthiness.
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Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
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Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
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Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property's value, and perform a risk analysis on the overall loan package.
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Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower.
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FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
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Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower's attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

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Review current fha mortgage rates for February 24, 2018 and get personalized mortgage quotes from top lenders

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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
 

Mortgage Rates by Loan Product

Loan
Current Rate
Last Week
Trend
4.250%
4.250%
3.625%
3.625%
3.625%
3.625%
3.750%
3.750%
3.750%
3.750%
4.375%
4.250%
4.500%
4.500%

Mortgage Rate Report

Saturday, February 24, 2018

Mortgage rates paused their upward climb this week and were mostly flat.  Rates had been moving higher much of this year despite the Federal Reserve's decision to hold rates steady in its January meeting.  The Fed pointed to lower than targeted inflation as an offset to improving household spending, business investment and labor market conditions in its decision to hold the Federal Funds rate at 1.250% to 1.500%.  While the Fed left interest rates unchanged, its meeting statement and recently released minutes laid the groundwork for gradual rate increases over the course of 2018 and potentially more aggressive moves depending on how the economy performs in the coming months.  The January Fed meeting minutes released this week highlighted robust economic growth and a strengthening labor market.  Analysts are predicting that increasing wages and rising inflation fears may provide the catalyst for the Fed to increase interest rates sooner rather than later.

Inflation concerns plus favorable economic indicators have contributed to higher treasury yields and increased stock volatility, which has pushed mortgage rates higher in 2018.  While mortgage rates were mostly steady this week, they continue to sit near a four year high.

The interest rate for a 30 year fixed rate mortgage held at 4.250% while the interest rate for a 15 year mortgage remained at 3.625%. The interest rate on a 5/1 adjustable rate mortgage (ARM) also remained flat at 3.625%.  FHA mortgage rates and VA mortgage rates were stable at 3.750%, with both programs remaining appealing to borrowers focused on low or no down payment loan options, especially first-time home buyers.  Non-owner occupied mortgage rates stayed put at 4.500% while jumbo mortgage rates bucked the flat trend and rose 0.125% to 4.375%.

The Federal Reserve's decision to keep interest rates unchanged in January did not fool anyone, especially mortgage rates.  Despite their pause this week, mortgage rates appear to be unable to resist the gravitational pull of a accelerating economy and growing inflation concerns.  With the Fed reinforcing its outlook for multiple rate hikes in 2018,  prospective borrowers looking to buy a home or refinance their mortgage may be able to lock in a lower mortgage rate by acting now.  While interest rates are impossible to predict, the Fed meeting minutes reinforce that indications of increasing inflation could cause the Fed to act more aggressively on rates.

Because mortgage rates fluctuate daily, we continue to actively monitor the mortgage market for updates.  Borrowers should check the FREEandCLEAR mortgage rate tables regularly to review customized, updated mortgage rates for lenders in their area.  Our rate tables are free to use and require no personal information. 

Why Select an FHA Mortgage

1

Low Down Payment.

The main benefit of the FHA mortgage program is that it enables borrowers to buy a home with a down payment as low as 3.5% of the property purchase price. This compares to 10% - 20% down payment required to buy a home with most conventional mortgage programs. Borrowers can also combine the FHA program with a down payment assistance program or closing cost grant to further reduce the personal financial contribution they are required to make to buy a home. The FHA program charges borrowers additional up-front and ongoing fees but makes home ownership more attainable, especially for low-to-moderate income borrowers. The low down payment requirement also makes the FHA program an attractive financing option for first-time buyers.

2

Low Interest Rate.

The interest rate for an FHA mortgage is typically .125% - .500% lower than the current interest rate on a conventional loan or other low / no down payment mortgage programs. This is because borrowers are required to pay an ongoing FHA Mortgage Insurance Premium (MIP) which is similar to private mortgage insurance and protects the lender against default or foreclosure. The FHA MIP is an extra ongoing cost for borrowers but the insurance enables lenders to offer lower rates on FHA loans. Borrowers should consider both the interest rate and FHA MIP when evaluating the total cost of the loan.

3

Flexible Borrower Qualification Requirements.

The borrower qualification requirements for the FHA mortgage program are more flexible than for other low or no down payment mortgage programs. For example, the program typically requires that borrowers have a minimum credit score of only 580 and there are cases where a borrower can obtain an FHA mortgage with a lower score. Additionally, lenders have more discretion when applying debt-to-income ratios to determine what size mortgage borrowers can afford. The higher the debt-to-income ratio, the larger the mortgage the borrower can afford.

4

Available to All Borrowers.

The FHA mortgage program is available to all borrowers that qualify. There are no borrower income limits although there are limits on loan amounts available through the program. Additionally, the program applies to all eligible properties, up to four units in size, as long as the borrower occupies the property.

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More FREEandCLEAR Mortgage Resources

Mortgage Calculators

FHA Mortgage Qualification Calculator

Use our FHA Mortgage Qualification Calculator to determine what size FHA loan you can afford as well as the required up-front and ongoing FHA Mortgage Insurance Premium

Programs

FHA Mortgage Program Overview

Review our comprehensive overview of the FHA Mortgage Program including borrower eligibility requirements

Mortgage Guides

Summary of Low / No Down Payment Mortgage Programs

We provide a thorough summary of multiple mortgage programs that enable borrowers to buy a home with little or no down payment

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