Quantcast

With rates so low, what do you need to know about refinancing to get a better mortgage rate? If you are shopping around for a loan and have not yet applied for a refinance, the rates you see today may change tomorrow.

FHA Mortgage Loan Rates

September 21, 2019
FHA Rates for September 21, 2019
Compare 30 Year Fixed Mortgages
Compare 15 Year Fixed Mortgages
Use our mortgage calculators
to see what you can afford!
Get started one
Get started two
Get started three
Get started four
FHA.com is a privately owned website, is not a government agency, and does not make loans.

Choose a Loan Type

then
get
your

Your Credit Score

Do you know what's on
your credit report?
Get Credit Score Button
Get Credit Score Button
FHA.com is a privately owned website, is not a government agency, and does not make loans.

FHA Loan Articles

News and Updates for Homeowners

FHA Refinance Loans and Interest Rates

FHA Refinance Loans and Interest Rates
July 1, 2019 - FHA loan rates are, at the time of this writing, reported in the mid-three percent range (best execution), which leads some home owners to wonder if they shouldn’t be investigating their refinance loan options.

With rates so low, what do you need to know about refinancing to get a better mortgage rate?

Interest Rates Are Always Subject to Change Unless You Have a Rate Lock Commitment

If you are shopping around for a loan and have not yet applied for a refinance, the rates you see today may change tomorrow.

That does not always mean they are subject to dramatic change, but without an interest rate lock commitment from the lender saying that for X amount of time the rate will be locked in for you, you should not be surprised if the rates are different when you do commit to the loan.

Interest Rates Are Affected by Multiple Factors

And those factors include your credit scores. Your lender may offer a different rate to those with more competitive FICO scores, which means you should start working on improving your credit or maintaining your current scores at the same time you are planning for a refinance loan.

FHA Home Loan Interest Rates May not Be the Same From Lender to Lender

One of the best reasons to shop around for a loan is to find the lender offering the most advantageous rates and terms. If you do not shop around for a home loan, you won’t know who offers the lower interest rate and you may cheat yourself out of savings over the lifetime of the loan as a result.

There Are Many Types of Refinance Loan Options

Some borrowers don’t explore their refinance options because they do not realize that FHA refi loan options include cash-out options, Streamline Refinancing for those with existing FHA loans that include no FHA-required credit check, and rehab loans to help people renovate their houses.

Your specific mortgage loan needs could require one of these types of FHA refinance options, and your participating FHA lender can help you choose the right refi loan for the purposes you have in mind. 

Remember, not all participating FHA lenders offer all available home loan products, so shopping around for the right lender is key for this aspect of your refinance loan journey; tell the lender your goals for the refinance loan and see what options are open to you at that institution.

------------------------------

RELATED VIDEOS:
Sometimes It Pays to Refinance
Don't Forget Your Closing Checklist
Monthly Payments Establish Good Credit

SEE YOUR CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


GET STARTED

FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!