Mortgage Rate Update

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Mortgage and Lending


Mortgage Rate Update

FHA Loans Facilitate Home Ownership

The Federal Housing Administration (FHA) program first began in 1934 in an effort to encourage home ownership despite the difficult economic times of the era. The program enables consumers who may not qualify for a standard loan to obtain the financing they need to purchase a home without income limitations.

FHA loans differ from typical loans in that they are insured by the Federal Housing Administration, which is a part of the Department of Housing and Urban Development (HUD). Because this insurance reduces the lender's risk on the loan, lenders have greater flexibility with regard to approving loans. For example, FHA loans are not credit-score driven, so a client may be able to obtain a loan despite having had credit problems or even a bankruptcy in the past.

FHA loans also provide added flexibility when it comes to closing costs and the down payment. Many of the closing costs can be incorporated into the loan, and a down payment of just 3.5% of the purchase price is required. The down payment may be obtained as a gift from a family member.  FHA loans are processed just like any other loan, and they provide a wonderful opportunity for consumers who are seeking to achieve home ownership!

 

 

Mortgage Interest Rates for Fixed Rate Mortgages*

Rates as of Thursday, 7th January, 2010:

 

Term

Conforming

APR

Payment per
$1,000

Jumbo

APR

Payment per
$1,000

30-Yr. fixed

360

5.125%

5.345%

$5.44

5.375%

5.509%

$5.60

15-Yr. fixed

180

4.625%

4.998%

$7.71

4.875%

5.101%

$7.84

7-Yr. fixed ARM

360

4.875%

5.092%

$5.29

5.500%

5.635%

$5.68

5-Yr. fixed ARM

360

4.125%

4.332%

$4.85

5.375%

5.509%

$5.60

3-Yr. fixed ARM

360

4.875%

5.092%

$5.29

5.375%

5.509%

$5.60

FHA 30-year fixed

360

5.000%

5.218%

$5.37

5.125%

5.257%

$5.44

*Rates are subject to change due to market fluctuations and borrower's eligibility.

Karl Peidl
Pleasant Valley Home Mortgage Corp.
305 Harper Drive, Suite 3
Moorestown, NJ 08057

856-252-1224

kpeidl@pvhmconline.com

www.karlpeidl.com

 

New Jersey: Licensed by the N. J. Department of Banking and Insurance Delaware: Licensed Lender by the Delaware Office of the State Bank Commissioner.





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Rainer
105,036
Craig Richardson
National Realty - McLean, VA

Karl, thanks for the rate info.  Looks like they may be heading upward from everything I'm hearing.

Jan 07, 2010 04:50 AM #1
Rainer
108,048
Karl Peidl
Moorestown, NJ
Accredited Loan Consultant

Craig, I completely agree.  Up seems to be the only way to go from here.

Jan 07, 2010 05:02 AM #2
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Rainer
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Karl Peidl

Accredited Loan Consultant
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