It’s a great time for rates as we begin November. FHA Mortgage Rates November 2015 are staying close to the same when compared to last month. Home buyer using the FHA loan in November can expect generally the same mortgage rate pattern we have seen in the last few months. Expect the normal minor adjustments up or down 0.25% in rate from week to week. According to a recent survey of mortgage companies, the most bank and lenders are quoting the FHA 30 YR fixed mortgage rates in the range of 3.75% – 4% as at the start of November. Although, current interest rates are slightly higher compared to those in the beginning of last week, they are still staying near 6 month lows levels, making borrowing costs at affordable levels. Considering we haven’t seen mortgage rates this low in a while, it may be a good time to call your bank or lender and “lock in” your rate now. As always, it’s a gamble and there is no crystal ball. If you are purchasing a home in Fla or GA and need a quick FHA rate quote, please call us anytime until 8pm at 800-743-7556 or just submit the quick info request form on the right side of this page.
Home buyers will want to remember the November FHA interest rates indicated above are based on a strong credit (over 740 credit scores) Borrowers that have lower credit scores until 680, and especially 640 will likely see their interest rates up to 0.5 percent higher. Higher credit score means lower risk for mortgage companies, in turn a lower interest rates for home buyers. Additionally, the rate indicated assumes NO discount or origination points. Borrowers always have the options to lower their chosen interest rate via a “buy down” …basically paying added points (costs) at closing if they like. This may or may not be a good idea, any experienced loan advisor can help you understand the advantages and disadvantages.
Home owners that currently have a FHA loan in Florida or Georgia can learn about the FHA Streamline refinance program here. The FHA streamline is simple home owners that already have a FHA backed mortgage. Home owners are encouraged to contact us at ph: 800-743-7556. No equity, no new appraisal or home inspection is required, the program is very streamlined for a fast closing.
FHA Mortgage Hub specializes in FHA loans in Fla & GA. Need some guidance? Please reach out to us today by calling 800-743-7556 or just submit the quick Info Request Form on the right side of this page. Mobile users will find the short Info Request Form here