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30 yr FHA current rates

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Anonymous
Not applicable

30 yr FHA current rates

I have closing scheduled for 02/27 and not locked in a rate yet. My lender says he will likely lock it in early this week.

He said I am looking at 4.25% and he was waiting for the "cost" to lower so that he can lock it in and reduce closing costs.

That said, I feel that 4.25% is fairly high right now. My middle score is 697. All three scores were 687-697-700. This is a home in NC for $200K, if that makes a difference.

Any ideas why it would be higher than normal, or if I can get it lowered since it's not locked yet?

Thanks in advance!
Message 1 of 23
22 REPLIES 22
kc0039
Established Contributor

Re: 30 yr FHA current rates

Are you getting any credits towards closing costs? 

Licensed in IL
Message 2 of 23
Anonymous
Not applicable

Re: 30 yr FHA current rates

From the sellers, yes. $5000 for closing.
Message 3 of 23
Anonymous
Not applicable

Re: 30 yr FHA current rates

The lender is not providing any additional credits. I am putting $20,000 down, so the MIP should only be for 11 years.

I actually went FHA just for the lowered rate. Conventional rate I was given is 4.375.

I was thinking FHA rate was 3.75-3.875, which actually provided a lower overall loan cost for 30 years, figuring in MIP costs.
Message 4 of 23
Sbrooks1
Valued Contributor

Re: 30 yr FHA current rates

Timing!! I feel you , locked my rate last week at 3.99 and was grateful. FHA anything over 660 gets lowest rate, so it's just timing
Message 5 of 23
Sbrooks1
Valued Contributor

Re: 30 yr FHA current rates

Also I had no lender credits or points, I wonder if Imscangel has points or lender credits
Message 6 of 23
Anonymous
Not applicable

Re: 30 yr FHA current rates

I wonder if the mortgage guy I'm using pads the loan? I wouldn't think that's a normal way to do business, but I do think about it.

I had another lender pursue me and said she could get me a 3.875 rate, but I've already went through underwriting with this one and closing is just a week away.

I would like to get the best rate I am available to get. I have even made sure my DTI is good, low credit utilization and 10% down.
Message 7 of 23
Anonymous
Not applicable

Re: 30 yr FHA current rates

That sounds high... we are closing Friday FHA w/3.75% rate (it was still at this rate at the end of the day Friday). My mid mortgage score was 660 or maybe just a few points under. 3.5% down

Message 8 of 23
Anonymous
Not applicable

Re: 30 yr FHA current rates

Thank you for the input. If that was the rate at the end of the day Friday, then something isn't right. I spoke to my broker about 4pm Friday when he told me 4.25.

Maybe he is telling me the effective APR? I would think it would be closer to 4.4, which is why I'm so confused.

The difference between a 3,75 and 4.25 is $53 per month, and over $19K for the life of the loan.

Ithink I need to have a discussion tomorrow, or Tuesday if they're closed for Presidents Day.
Message 9 of 23
Anonymous
Not applicable

Re: 30 yr FHA current rates

It was my understanding that each bank's rates for FHA could vary. I'm sure they can't go to town on the rate, but it should be within a certain range. However, it's not score driven so everyone with that bank going for an FHA would be eligible for the same rate. 

Message 10 of 23
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