As rates are low, many people who currently have an FHA loan are thinking about the FHA streamline program. One of the first questions most people ask about the FHA streamline program is what the current rate is. Because so many people are interested in what the current FHA streamline mortgage rates are today, we thought we would add excerpts of commentaries that we see experts talking about. From MortgageNewsDaily:
Loan Originator Perspectives
“Finally gaining back some ground in MBS last few days, and today continued the streak. We’re still a long way from the low rates of late 2012, but at least we’re headed in the right direction. Calling my clients who haven’t yet refinanced, this is a great opportunity for them to move forward!” –Ted Rood, Senior Originator, Wintrust Mortgage.
“We’re locking loans as purchase clients get into contract and as refinance clients send in all materials to be properly pre-approved. Holding for rates to return to record lows has proven futile since January. Some miscellaneous dips of .125% have occurred in the past 2 months then rates rise again within 1-2 days. That’s more upside risk than most clients are willing to take.” –Julian Hebron, Branch Manager, RPM Mortgage.
Today’s Best-Execution Rates
30YR FIXED – 3.75%
FHA/VA – 3.375-3.5% (varies more between lenders than conventional 30yr Fixed)15 YEAR FIXED – 3.00%
5 YEAR ARMS – 2.625-3.25% depending on the lender
Ongoing Lock/Float Considerations
Rates have risen moderately but consistently since hitting their all-time lows in September and October 2012.
Regardless of global or domestic economic weakness, the subsiding fear of a disorderly EU breakup will continue to prevent rates from getting back to those lows.
This is very likely to be the case unless a similarly panic-inducing event were to come into focus, or if a disorderly break-up regained the spotlight.
Sequestration, negative growth, and generally choppy political and economic environments around the world DO NOT constitute that sort of panic.
This is a “rising rate environment” until further notice, though pockets of recovery and consolidation can provide smaller-scale opportunities against the larger-scale backdrop.
(As always, please keep in mind that our talk of Best-Execution always pertains to a completely ideal scenario. There can be all sorts of reasons that your quoted rate would not be the same as our average rates, and in those cases, assuming you’re following along on a day to day basis, simply use the Best-Ex levels we quote as a baseline to track potential movement in your quoted rate).
Depending on what lender you are working with, you can expect your interest rate (if you locked today) to be in the low 3% range. This is not a rate quote and we are not a lender – but we can easily match you up with a lender who can get you the best rate on your FHA streamline refinance today if you start by giving us your information so we can pass it on to an FHA-approved lender who can help you.