Where Can I Find Current FHA Mortgage Rates?

[Anonymous]

My girlfriend and I are buying a home soon and we've been getting nervous about the increasing rates. Once we have a P&S signed, our next step will be to acquire financing and lock in a rate.

Is there a good website to use to find the current FHA rates? I dont want to have to rely on our broker to get the daily rate to us and I also don't trust that we're getting the best rate and that she's not juicin the rate to get a kickback from the lender.

Any help would be greatly appreciated!

Thank you!
 

[SanDiegoEngineer]

The short answer is that there isn't one "FHA rate". 

The FHA guarantees the mortgage (ie, if the buyer defaults, the FHA will cover the lenders losses), but does not originate the funds - those come from whatever source you are getting your mortgage through.  Generally they're pretty close to the prime rate that bank would give to someone with good credit putting 20% down would get, since the explicit government guarantee involved with a FHA approval places the loan into a very safe category for the lender.  Check with the lender to see their current FHA rate - note that the FHA loan does have high fees associated with it (particularly the extra 1.5 points you pay for the up front mortgage insurance premium that is charged on almost all FHA mortgages), so the APR for that loan likely will be significantly higher than the comparable fixed conforming would be.  The simple interest rate though is usually very close if not the same - just checked Wells Fargo, they're at 6.0% for both FHA and 30 year conforming today, though the APRs are at 6.7% (FHA) and 6.2% (conforming) due to those fees I mentioned.

[demi]

This might help... www.wellsfargo.com/mortgage/rates/assumptions My FHA is approved by Wells, but I won't lock in until 60 days before closing (under construction).. I check this every day...Today its 6.0, Friday it was 6.5

Message Edited by demi on 04-21-2008 08:19 PM

[ShanetheMortgageMan]

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phorts wrote:

My girlfriend and I are buying a home soon and we've been getting nervous about the increasing rates. Once we have a P&S signed, our next step will be to acquire financing and lock in a rate.

Is there a good website to use to find the current FHA rates? I dont want to have to rely on our broker to get the daily rate to us and I also don't trust that we're getting the best rate and that she's not juicin the rate to get a kickback from the lender.

Any help would be greatly appreciated!

Thank you!

---

If you don't trust your loan officer then it's time to find a new one.  You should first obtain your financing pre-approval and then sign a purchase/sale agreement.  Most sellers won't accept an offer without a pre-approval letter... nor would I think you'd want to enter into a binding contract to buy a home without knowing you'll be able to obtain financing.

[DallasLoanGuy]

Juicing the rate? LOL.... I haven't heard it called that before.

By the way.... brokers can 'juice' the rate and still beat most banks. Even the banks that they sellt o.

wellsfargo website used to post rates... that is a good benchmark.

[Anonymous]

Not sure where to find the info, but I can tell you that I am close to closing on a home purchase, and my rate is 5.75.  Since I have not owned a home for several years, I qualified as a first time home buyer again in Ohio, and was eligible for bond money that reduced the rate.  You might check with your loan officer to see if you are eligible for any state programs.  Good luck!

JP