What Is The Current FHA Interest Rate?

dragonfly66 · ‎06-24-2017

I'm probably going to try to lock in my rate in the next couple of weeks. I'm trying to get an idea of where FHA rates are (with no points paid). I have a middle mortgage score of 738. It may possible bump up to 740, or slightly higher once everything reports at the end of the upcoming week. The only place where I can seem to get a definitive answer about FHA rates is Wells Fargo's website. Most websites I go to seem to either give the rates of multiple lenders but they are giving rates based on 20% down and a certain amount in paid points.

What is a reasonable FHA rate to expect for my current score range if I'm not paying points? Also, what resource can I look at to get actual FHA interest rates?

Current - FICO 3/2019: EX(753); EQ(763); TU(749)
Beginning - FICO 7/2014: EX(630); EQ(608); TU(581)
Credit: Wells Fargo Home Projects Charge Card ($7,800); Wells Fargo Home Rebate Visa ($4,000); Capital One Quicksilver ($10,000); Capital One Venture ($6,000); Discover it ($7,900); Macy's ($20,000); BrandsMart ($4,000); Banana Republic ($1,200); Lowes ($12,000); Amex Everyday ($30,000); Macy's Amex ($15,000); Amex Platinum (NPSL); Citi Diamond Preferred ($9,000); Chase Freedom ($9,000); Wells Fargo Outdoor Solutions ($10,000); SunTrust HELOC ($25,000)

Anonymous · ‎06-24-2017

The only place your going to get the rate that is relevant to you is your lender. Online will only reflect trended data. Looks like around 3.6 is what most of the mortgage rate sites are saying as of Friday

Anonymous · ‎06-25-2017

I locked mine about 2 weeks ago at 4.125. The lender said that it was a very good rate. I am doing FHA with a score of 670.

dragonfly66 · ‎06-25-2017

@Anonymous wrote:
I locked mine about 2 weeks ago at 4.125. The lender said that it was a very good rate. I am doing FHA with a score of 670.

Thanks, Christian17. A couple of questions if you don't mind:

Are you paying any points?

Is the lender or developer paying any closing costs?

Current - FICO 3/2019: EX(753); EQ(763); TU(749)
Beginning - FICO 7/2014: EX(630); EQ(608); TU(581)
Credit: Wells Fargo Home Projects Charge Card ($7,800); Wells Fargo Home Rebate Visa ($4,000); Capital One Quicksilver ($10,000); Capital One Venture ($6,000); Discover it ($7,900); Macy's ($20,000); BrandsMart ($4,000); Banana Republic ($1,200); Lowes ($12,000); Amex Everyday ($30,000); Macy's Amex ($15,000); Amex Platinum (NPSL); Citi Diamond Preferred ($9,000); Chase Freedom ($9,000); Wells Fargo Outdoor Solutions ($10,000); SunTrust HELOC ($25,000)

Anonymous · ‎06-26-2017

I locked my rate with my new lender Friday at 3.5% with 641 middle score and seller is paying $6,000 towards closing

dragonfly66 · ‎06-26-2017

@Anonymous wrote:
I locked my rate with my new lender Friday at 3.5% with 641 middle score and seller is paying $6,000 towards closing

Thanks for sharing Fawgphule. Are you paying any points?

Current - FICO 3/2019: EX(753); EQ(763); TU(749)
Beginning - FICO 7/2014: EX(630); EQ(608); TU(581)
Credit: Wells Fargo Home Projects Charge Card ($7,800); Wells Fargo Home Rebate Visa ($4,000); Capital One Quicksilver ($10,000); Capital One Venture ($6,000); Discover it ($7,900); Macy's ($20,000); BrandsMart ($4,000); Banana Republic ($1,200); Lowes ($12,000); Amex Everyday ($30,000); Macy's Amex ($15,000); Amex Platinum (NPSL); Citi Diamond Preferred ($9,000); Chase Freedom ($9,000); Wells Fargo Outdoor Solutions ($10,000); SunTrust HELOC ($25,000)

Anonymous · ‎06-27-2017

Not paying any points

Spider07 · ‎06-27-2017

@Anonymous wrote:
I locked my rate with my new lender Friday at 3.5% with 641 middle score and seller is paying $6,000 towards closing

Wow, that's a really good rate. Congrats.

dragonfly66 · ‎06-27-2017

@Anonymous wrote:
Not paying any points

This is good to know because I'll be talking to my lender in a few days about locking my rate. Hopefully I should be able to get something close to what you received. My credit cards will be reporting over the next couple of days and I expect my middle mortgage score (EX-738) will either go up or remain the same. My builder is giving me $5,000 towards closing costs and I'm not paying any points either. We'll see. I'll report back once I know for certain. Thanks again for sharing that info. Very helpful.

Current - FICO 3/2019: EX(753); EQ(763); TU(749)
Beginning - FICO 7/2014: EX(630); EQ(608); TU(581)
Credit: Wells Fargo Home Projects Charge Card ($7,800); Wells Fargo Home Rebate Visa ($4,000); Capital One Quicksilver ($10,000); Capital One Venture ($6,000); Discover it ($7,900); Macy's ($20,000); BrandsMart ($4,000); Banana Republic ($1,200); Lowes ($12,000); Amex Everyday ($30,000); Macy's Amex ($15,000); Amex Platinum (NPSL); Citi Diamond Preferred ($9,000); Chase Freedom ($9,000); Wells Fargo Outdoor Solutions ($10,000); SunTrust HELOC ($25,000)

Anonymous · ‎06-27-2017

You can also get a look at the June and July closers thread for some more data points on what others have closed at.