FHA interest rates December 2015 have started very much the same as November. As of December 2015, current FHA 30 year fixed rates are about 3.5% for low risk borrowers – over 740 credit score. Borrowers with lower credit scores in the 600-720 range can expect interest rates around 3.625 – 4.0%. The FHA mortgage rates indicated assume a standard 30 days lock in period with NO added discount points. All applicants do have the option to lower their interest rate via rate buy down (paying points) if they choose to do so.
Please note interest rates do frequently change each week. Home buyers are encouraged to contact us below for the most up to date FHA rates.
FHA loan interest rates have been about the same all fall, with small .125%-.25% adjustments up or down. December interest rates are about the same as the previous months, no big changes. In fact FHA interest rates have stayed in a relatively tight range for all of 2015. Qualifying borrowers will often find that owning their own home is cheaper than renting. They will likely remain the case as long as rates stay low like they are today. I expect no drastic change as we move into 2016. Frank Stanley – FHA Loan Specialist.
Also remember if you are an existing homeowner with a FHA loan, you still have options to refinance your loan into a lower rate and possibly save money each month. The FHA streamline refinance program allows homeowners that currently have FHA mortgages to refinance into a lower interest rates. These programs, exclusively reserved for those that have a FHA mortgage, make the refinance process simple by offering a streamline process with little documentation. In addition, the FHA streamline refinance allows home owners to refi without a new appraisal or home inspection. So if your home value is underwater, it’s perfectly fine. You are not required to have a certain about of equity. need any equity in your home. Read more about the FHA refinance here.
FHA purchase and refinance closing times as of December 2015: Currently the closing times ( from the time of fully executed contract) is taking about 3 weeks.
Five Stars is a leading National FHA loan resource. Contact us if you have questions about a new FHA loan application, interest rates or the refinance options – please contact us at ph: 800-871-2636 or just submit the Request information form at the top of your screen.
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