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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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FHA Mortgage Rates

Compare FHA Mortgage Rates and Lenders

Review current fha mortgage rates for April 30, 2017 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

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Mortgage Rate Report

Sunday, April 30, 2017

After holding steady for the past two weeks, mortgage rates inched higher on the week although rates remain highly attractive for borrowers.  Despite the Fed's decision to raise interest rates in March and its more hawkish forecast for 2017, mortgage rates had actually dropped significantly since the Fed's announcement and hit their low point for the year last week before moving slightly higher. 

Mortgage rates jumped .250% to .375% in advance of the Federal Reserve's meeting as most lenders factored the rate hike into their mortgage rate pricing before the Fed's official announcement.  In the weeks following the Fed's decision, the mortgage market settled down with mortgage rates falling .375% to .500% across all mortgage programs.  Enhanced clarity into the Fed's decision-making process and a rebound in the bond market amidst global geopolitical uncertainty helped push mortgage rates lower and stabilized the market after after weeks of turbulence.

Mortgage rates climbed moderately on the week with the interest rate for a 30 year fixed rate mortgage up .125% to 3.875% while the interest rate for a 15 year mortgage moved to 3.000%.  The interest rate on a 5/1 adjustable rate mortgage (ARM) also increased .125% to 2.875%.  VA and FHA mortgage rates also moved higher but continue to be highly appealing for home buyers seeking low down payment options with FHA and VA mortgage rates both sitting at an attractive 3.375%.  Non-owner occupied mortgage rates were not exempt from the market's gravity and rose .125% to 4.125%.  Jumbo mortgage rates bucked the trend for the week and remained at 3.875%, consistent with the interest rate for a conforming 30 year fixed rate loan.  

After touching their low for the year, mortgage rates moved higher but remain relatively stable this week despite signs of growing economic momentum that appear to be influencing the Federal Reserve's decision making.  The positive domestic economic news has recently been offset by increasing global turmoil which pushed bond prices higher while moving mortgage rates lower.  Positive signs from the housing market over the past week, however, may have provided the catalyst for the increase in rates.

Although the past several weeks prove that interest rates are impossible to predict, the Fed’s decision to raise the federal funds rate and its more aggressive forecast signal that mortgage rates are likely to rise over the course of 2017, potentially at an increased pace.  Prospective borrowers looking to buy a home or refinance may be able to lock in a lower interest rate by acting sooner rather than later, before mortgage rates go up again.

Because interest rates are unpredictable we continue to actively monitor the mortgage marketplace for changes.  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


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.


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.


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.


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

Why Borrowers Compare Mortgage Rates on FREEandCLEAR

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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


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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