FHA loan rates have mirrored average mortgage rates for quite some time. We can expect this to continue which means that we might see a drop much like in mortgage rates.
FHA loan rates have been in the same general trend as average mortgage rates for quite some time now. The overall trend has been sideways since the beginning of July but the government is working very hard to make sure that interest rates stay at historically low levels. If this continues, we can expect the mortgage rate trend to start downward.
If the 30 year fixed rate mortgage works its way below 5% this will make it very interesting on the mortgage market. Mortgage lenders are not backed up right now because there has not been a swell of applications for refinancing. If we see rates go below 5% this is likely to chance as there will be a huge interest in refinancing below that psychological barrier. If you have been thinking about refinancing, it might be a good idea to go ahead and get the process started.
Once rates do drop below 5% you do not want to be in the crowd that is rushing to get your mortgage application in in hopes of getting that low interest rate. Back in March, when mortgage rates were below 5%, many borrowers could not get through the application process because their was a backlog of applications. You do not want this to happen to you when you have the opportunity to refinance at one of the lowest rates in the history of the United States. Make sure to take advantage of this time and have everything ready for when rates do drop below that level.
Subprime Blogger offers information on FHA loan rates. There is also a great deal of information on bad credit auto loans and how you can get a low interest rate.
