FHA Interest Rates March 2016 are looking really nice, in fact they are starting off the month at low levels we haven’t seen in a nearly a year. The current FHA 30 year fixed rate as of March 2016 is around 3.25% -3.375% with no points. This is for applicants that have credit scores over 720, and loan amounts over $150,000. Home buyers with lower credit scores and loan amount will see slightly higher interest rates. Other government loan program like USDA and VA will see similar rates as the FHA mortgage rates above.
Applicants should also remember that interest rates can/do change frequently during the course of a week. Please contact us below to get your up to date rate quote today.
So what is driving the recent decrease in interest rates? The 10-year Treasury has continued it’s downward trend this week after a small rally the previous two weeks. The 30-year mortgage responded, falling 3 basis points to 3.62 percent. Note, this is the national conventional loan rate average – government loan rates are typically less. Since the beginning of 2016, 30-year rates have fallen almost 40 basis points helping housing markets keep it’s momentum into this year. As of March 2016, Freddie Mac’s average rate on 30-year fixed-rate mortgages is 3.62 percent, down from 4.01 percent on January 1. These low interest rates that hasn’t been seen in close to a year, and are close to all-time record lows. Those buyers that have been waiting to purchase or refinance have a reason to start moving forward. With that in mind, many analysts and economists have revised their forecasts to indicate a more optimistic future for low mortgage rates.
Keep in mind FHA also offers streamline refinance options for home owners that currently have a FHA mortgage at higher interest rates. The FHA refinance program makes refinancing simple, with little documentation and paperwork. The best part is no appraisal or home inspection is required. Home owners that have negative equity (underwater on their mortgage) ARE eligible. FHA also reduced their monthly mortgage insurance rates last year, so this could also save money for home owners that have older FHA loans.
Please learn more about the FHA streamline refinance here. Be sure to use the handy FHA mortgage calculator on the right side of your screen to calculate rate savings. Home owners that have other loan types like USDA, VA can learn more about refinancing by clicking the blue link.
FHA Mortgage Source is a national leader in 96.5% FHA loans. Purchase or refinance, please contact us if you have questions. Borrowers can submit the short Info Request Form on the right side of this page for quick service. Mobile phone users can find the Info Request at the top of this page. Feel free to also call us with any questions 7 days a week at ph: 800-743-7556
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