Many people who currently have FHA loans have noticed that interest rates are at all time lows and are wondering what the current interest rate is for an FHA streamline refinance.
And they are more than just a little surprised to learn that there is not an official FHA streamline interest rate that is set by FHA – because each lender charges a different rate than the other lenders for an FHA loan on any given day.
FHA Streamline Interest Rates: How They Work
The FHA streamline refinance program is by far the most popular for people who currently have an FHA loan. The interest rate that a particular FHA lender will charge for the program will vary – it probably isn’t uncommon for you to shop around and see as much as a .5% or even 1% difference that a lender is offering on any given day.
Interest rates change at each lender multiple times each day and each loan officer usually has some leeway when it comes to offering you a given rate for your loan. Because the interest rates for the FHA streamline program change so much, it is very important to shop multiple lenders to see who can offer you the best interest rate possible.
The best interest rate for the FHA streamline refinance may well be a lender you have never heard of – because sometimes some of the smaller lenders are small enough to offer the best rates.
The secret to getting the best deal on your loan is to simply shop around – and not just one or two lenders. The more lenders that you shop around, the better! Get started getting the best rate possible on your FHA streamline loan below.