FHA Mortgage Interest Rates April 2020 are starting out about the same as end of March. The average FHA 30 year mortgage rate currently sits around 2.99-3.625% as we start April. Note, the interest rates are extremely volatile from day to day as the economy continues to sort out the impacts of COVID-19.
Coronavirus continues to take its toll on the economy. Rates are all over the board and rapidly changing for all lenders, sometimes multiple times per day. In March FHA rates hit new all-time low levels, in the high 2% range on certain days. What to expect in April depends on many variables.
There are some great purchase opportunities as home prices start to fall, especially for first time home buyers. FHA home loan rates remain some of the lowest interest rates around of any program. Very attractive for first-time buyers, and should remain this way for most of 2020. 96.5% FHA financing is a perfect way for buyers to purchase their first home with little money down. C. Daniels – FHA loan specialist.
The FHA interest rates noted assumes good credit (over 680 credit scores) and no added points. Home buyers always have the option to “buy down” their interest rate lower via paying points. Your loan advisor can work up the numbers to see if this makes sense or not. * Borrowers with lower credit scores ( under 680) can expect slightly higher rates.
FHA Streamline Refinance – The FHA streamline refinance remains a great opportunity for home owners that currently have an FHA home loan. The streamline refinance program allows homeowners to refinance into a lower interest rate even if they have no equity in their home. No appraisal, no home inspection and reduced paperwork makes the process a breeze. Read all about the FHA streamline requirements here. Home owners that have other types of mortgages can contact us to learn more about their refinance options.
FHA Cash Out Refinance – FHA cash out is still available for homeowners that have significant equity in their home. Cash-out is generally limited to 85% loan to value. The refinance is not streamline and will require full documentation and new appraisal just like an FHA purchase loan.
FHA Closing Times April 2020 – FHA closing times can vary state to state. However, the average time it takes to close is around 25-30 days for purchase transactions. Refinance transactions can be completed in as little as 14 days.
Want to learn about FHA financing? Please contact us today by calling ph: 800-743-7556 or just submit the short request form on the right side to request a quick call back. We are available to serve you 7 days a week.