4.25% 30 Year Fixed Rate
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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
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FHA Mortgage – Rates Update 10/25

The Federal Housing Administration, or FHA, is a government-run agency, which insures home loans consumers make through major banks. Because the FHA insures the loans, the fha mortgage rates are set and enforced by the FHA. Mortgage rates change weekly, and sometimes even more frequently, and are based on a variety of factors. For instance, if a consumer has excellent credit and 20% of the value of the property for a down payment, they will likely be able to choose from good mortgage rates. However, it is not impossible to obtain good mortgage rates, even if the consumers credit is slightly less than perfect. However, they may need to make adjustments to their mortgage to be able to obtain those good mortgage rates. Adjustments may be moving from a 30-year fixed rate, to a 15-year fixed, for instance.

The fha mortgage rates are up a bit this week, October 23,2011, from last week, October 16,2011. A 30-year fixed rate last week started right around 3.875% and this week jumped slightly to around 4.32%. A 15-year fixed was at 3.25% last week and this week crept up to 3.55%. Some of the ARM loans even dipped into the 2.5% and 2.7% range last week. This week, they are back in the low 3% range. The rates appear to be ever so slightly rising, as jobs increase and the housing market seems to be on a slow upturn.

Many people believe the housing market is on it’s way up. With President Obama getting ready to move on his housing reform plan, that is said to begin taking effect before the end of the year 2011, many believe the fha mortgage rates are also on their way up. The housing market history has shown a moving trend. The trend tends to be, when the housing market rebounds, the interest rates begin to climb. For the past few years, the housing market recession has kept interest rates at all time lows. As the market recovers, an upward trend home ownership is very likely. With that same trend, an increase in home ownership, mortgage rates are very likely in increase with the upward trend.