20 from the previous week as a result of rising interest rates. While much of that decline stemmed from a slump in refinances, mortgage applications for home purchases also fell on a weekly basis,
Fha Loans First Time Home Buyers Only An FHA loan can offer incredible benefits to first-time homebuyers, families with low- to moderate-incomes, and buyers. loans only charge monthly mortgage insurance, but it can be dropped later on.
An amount paid to the lender, typically at closing, in order to lower the interest rate. Also known as mortgage points or discount points. One point equals one percent of the loan amount (for example, 2 points on a $100,000 mortgage would equal $2,000).
FHA rates reached all-time 30-year rate lows according to Freddie Mac who records mortgage rate averages weekly. Fixed FHA rates today provide borrowers the security with 15 and 30-year rates. For example, 15-year FHA rates have dropped below 4% and the 30-year FHA rates range from 3.125% to 3.5%.