4.25% 30 Year Fixed Rate
Loan Amount
Loan Type

Program Rate APR
30-Yr fixed 4.750 % 0.7 to 1
15-Yr fixed 3.750 % 0.7 to 1
5/1 ARM 3.125 % 0.7 to 1
View rates in
your state
Can Google help find a low FHA Mortgage Rate

Over the past couple of years, the average interest rate on new and refinanced mortgages have fallen to historically low levels. Those who qualify for a new mortgage could easily save hundreds of dollars per month on excess interest charges. While the rates have fallen on all loan products, many people may find that they will not qualify for a traditional mortgage loan.

When most people Google mortgage rates, the rates that they see popped up will most likely be for traditional mortgages that comply with standards set by Freddie Mac and Fannie Mae. The rates seen when they Google mortgage rates assume that the borrower meets the general requirements set forth. If a borrower does not meet these requirements, they will likely either be charged a higher rate or be denied a loan altogether.

The requirements to get a Freddie Mac or Fannie Mae loan with the best rates possible include having a credit score above 740, having LTV of 80% or less, and having an income strong enough to comfortably support the loan payments. If you do not meet one, or all of the criteria for a Freddie Mac or Fannie Mae mortgage, this type of mortgage may not be an option for you.

Those who do not qualify for a traditional Freddie Mac or Fannie Mae loan may still qualify for a loan through the Federal Housing Association. The FHA has set up various programs to help first-time homebuyers purchase a home and help struggling homeowners refinance into a new mortgage.

The qualifications for a FHA mortgage tend to be much lower than those set forth for traditional loans, but borrowers should expect that FHA mortgage rates will be a bit higher than traditional mortgage rates. To qualify for a FHA mortgage refinance, you LTV could be as high as 125% and your credit score could be as low as 620. You can normally refinance your loan to take advantage of the FHA mortgage directly through your current mortgage lender. The FHA mortgage rates you receive can vary quite a bit depending on what your actual credit score and LTV is when the loan is originated.