FHA mortgage interest rates for June 2015 are beginning near the lowest point all year. FHA 30 yr fixed mortgage interest rate for June 2015 are ranging in the mid 3% range with NO origination or discount points. Most borrowers have the option to “buy down” their mortgage interest rate lower by paying discounts points if they choose. Depending on how long a new buyer plans to live in a home will determine if paying loan points makes good financial sense. Any experienced FHA loan officer can break down the numbers to see if re-coop time makes sense. Generally a 1% discount point will mean 0.25% lower interest rate. Example: Assume the current base FHA interest rate is 3.5% – and you want to purchase a $200,000 home. You decide to pay 1 point (1%) to buy down your interest rate – so in turn you pay $2,000 extra fee at closing and receive a interest rate buy down to 3.25%.
Florida home owners that already have a FHA mortgage can still refi thanks to the FHA streamline refinance. The FHA streamline refi program designed for existing Florida home owners that may have difficulty refinancing due to being underwater or “upside down” on their loan. The FHA streamline refinance program does not require a new home inspection, appraisal or any equity. Very little hassle for those that already have a FHA mortgage in good standing. Read all the FHA Refinance here and learn how a lower interest rate can benefit you.
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June 2015 FHA Loan Interest Rates , 6/2015 FHA loan rates