FHA Interest Rates
Last week saw rates take a bruising after chasing all-time lows right near Thanksgiving. The FHA interest rate was pushed higher, but still opens this week under 5%.
It is hard to keep in context how low mortgage rates are. We went up .25% and are still below 5%. That’s great news today. It’s scary news into the future.
The economic data continues to point towards a slowly rising economy with sporadic pockets of bad news. Every time that the Federal Reserve says “inflation,” rates go up .125%.
Today’s mortgage rates still sit more than 1% away from their ‘normal’ levels. If you are looking at refinancing an FHA loan, this is a great time for it. If you are looking at buying a home, today’s FHA interest rates make it much more affordable than it would be in a year.
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