Last month was a wild ride for the markets, in the end it was the worst single month seen in years. September 2015 FHA Rates continued in their best execution range of around 3.75%. FHA rates tend to vary more among lenders, banks and brokers so borrowers should take few minutes and do some comparison rate shopping. Florida and Georgia home buyers that need a quick rate quote can reach out to us today by calling 800-743-7556 – just submit the quick Info Request Form on the right side of this page. Mobile users will find the short Info Request Form here
We are currently advising borrowers within 30 days of closing to LOCK in their interest rate as great volatility continues. Again this is our advice, but in the end this is a decision only you the borrower can make. Many are looking for September 2015 to be a month of recovery for the markets, we shall see.
As always, best execution rates are offered to borrowers with the most competitive credit FICO scores and other financial qualifications. Generally credit scores over 720 will receive the lowest available rate. In the flip side credit scores under 640 will pay generally .25% + higher interest rates. As always, mortgage companies look at higher credit scores as lower risk – anytime the risk is lower, the interest rate will be lower.
Home owners that currently have a FHA loan still have time to refinance and take advantage of these loan rates. The FHA streamline refinance program makes refinancing easy, with no appraisal and limited documentation. Together with the current low September FHA interest rates, FHA also announced recent changes to their mortgage insurance structure that will surely benefit all future FHA refinance and purchase loans. Home owners can read more about the FHA reduced monthly mortgage insurance here.
9/2015 – FHA Mortgage Source is Florida & Georgia’s leader in FHA home financing. Contact us 7 days a week at 800-743-7556 with any questions about the FHA program.