Today’s FHA loan rates
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year FHA Rate | 2.850% | 3.700% |
| 30-Year Fixed Rate | 3.060% | 3.280% |
| 20-Year Fixed Rate | 2.950% | 3.150% |
| 15-Year Fixed Rate | 2.350% | 2.650% |
Additionally, do FHA loans have lower interest rates?
Comparing rates is a very good thing to do when shopping around for a lender but knowing why government-backed loans such as FHA mortgages, USDA loans and VA loans have lower rates is an important factor. … That is also why your lender charges a higher interest rate for borrowers with lower credit scores–risk.
| Term | Rate | APR |
|---|---|---|
| 30–year fixed – FHA | 3.125% | 4.184% |
| 15-year fixed – FHA | 3.125% | 4.204% |
Keeping this in consideration, who is the best lender for FHA loans?
What Are the Best FHA Loans?
| Lender | Learn More | Min. Credit Score |
|---|---|---|
| Carrington Mortgage Services 4.7 | See Offers | 500 |
| Fairway Independent 4.7 | See Offers | 580 |
| NBKC Bank 4.6 | See Offers |
What is the downside of an FHA loan?
Higher total mortgage insurance costs. Borrowers pay a monthly FHA mortgage insurance premium (MIP) and upfront mortgage insurance premium (UFMIP) of 1.75% on every FHA loan, regardless of down payment. A 20% down payment eliminates the need for PMI on a conventional purchase loan.
Is 3.25 A good mortgage rate?
So is it true 30 year mortgage rates are at 3.25%? … The answer is yes if you willing to invest discount points to purchase your interest rate down, so long as your financial profile is completely flawless. Otherwise for the 99.9% us, 30 year mortgages are trailing between 3.5% to 4.25%.