FHA Mortgage Rates Could Drop to 4.5%
Clearly the Federal Reserve believes that lower interest rates can help revive the sluggish housing markets. FHA home loan rates have dropped again to ridiculously low levels and home refinancing has become attractive again. With the Fed slashing interest rates and the US government claiming to jump-start the housing with buy-downs that could lower 30-year fixed rate FHA mortgage loans to 4.5%. Visit FHA Loan Blog for the latest take on mortgage news.
Mortgage Rates Drop to Lowest Level Ever Recorded by Freddie Mac! Watch this FHA Video > httpv://www.youtube.com/watch?v=vB8biNaMSq8
While mortgage delinquency is expected to nearly double by next year, the bottom of the delinquency cycle may occur by mid-2010. Borrowers who were delinquent at least 60 days on their mortgages accounted for 3.96 % of all mortgages during the third quarter, Trans Union reported today. Home loan delinquency rose from 3.53 % in the second quarter and has soared from around 2.57 % a year earlier.
For subprime mortgages, fixed rate foreclosure starts raised 16 basis points to 2.23% and subprime ARM foreclosure starts dropping 16 basis points to 6.47%. FHA loan foreclosure starts were unchanged at 0.95% and VA foreclosure starts increased two basis points to 0.59%, all on a non-seasonally adjusted basis.”
