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Here is a snippet of a news release by fannie maeFixed-rate Mortgage Yields Conventional
Current Week Ago Year Ago
15-year FRM 5.500 5.610 5.690
30-year FRM 5.820 5.940 6.130
FHA/VA(30-year FRM) 6.970 6.740 6.190
My question is why is the FHA/VA interest rate so high, compared to a year ago? Last year the difference at this time of year between 30 year fixed and fha/va 30 year fixed was .06% but now its over 1%?
Thanks in advance for the answer
I just got FHA approval and the rate is 5.75 and I was told that I was 13 score points shy of the 'best FHA rate'.
Dunno. Maybe the rates are different in different areas?