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FHA Mortgage Rate News For Thursday August 28 2014


FHA mortgage loan rates have been lower this week in small increments, and while many borrowers could see the difference in rates reflected in their closing costs rather than the actual rate number itself, the move lower does benefit the borrower. Mortgage loan rates in general have approached their lowest levels of the year (best execution), and we’ve seen movement both upward and downward this summer only in a narrow range.

The causes of this summer’s rate changes are varied, including breaking financial news from Europe. Add to that investor reaction to the Ukraine crisis, plus the situation in Gaza. At home, bond auctions, economic data releases such as the GDP and Employment Situation Report and other financial information have also influenced rates within the narrow range we’ve seen all summer long.

Conventional mortgage loan rates are currently hovering above the four percent range (best execution) at or near 4.125%. Currently the best execution rate (the mortgage loan interest rate offered to the most qualified borrowers with outstanding FICO scores and other financial qualifications) stayed near 4.125% (or higher depending on the lender…your experience may vary.) with lower rate moves being reflected in closing costs for qualified borrowers.

FHA mortgage loan interest rates are still finding a best execution rate below the four percent range (depending on the lender). Qualified applicants with outstanding FICO scores may be offered FHA mortgage loan rates at 3.75% or higher depending on the lender. FHA mortgage loan rates tend to vary more among lenders than their 30-year fixed rate conventional loan counterparts–something to keep in mind when shopping for the best rates

Rates this week have moved lower, but some borrowers may wonder why the actual best execution number stays the same–in cases where the rates improve in smaller increments there may be a lower closing cost rather than an actual change in the mortgage loan rate.

Mortgage rates this week-FHA, VA, and conventional loans–were reported at the numbers below or higher, depending on the lender. The numbers you see here are best execution rates and assume ideal conditions including outstanding FICO scores, loan repayment history, etc. Your experience may vary depending on the lender, the market, and your financial qualifications. These rates are not available to all borrowers or from all lenders.

  • 30-year Fixed Rate Mortgages: 4.25% or higher depending on the lender
  • FHA Mortgage Rates: 3.75% or higher
  • VA Mortgage Rates: 3.75% or higher
  • 15-year Fixed Rate Mortgages: 3.375% or higher
  • Five-year Adjustable Rate Mortgages: Between 3.0% and 3.50% depending on the lender
Joe Wallace - Staff Writer

By Joe Wallace

August 28, 2014

Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for for (8) years and is currently the Associate Editor for

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About was launched in 2010 by seasoned mortgage professionals wanting to educate homebuyers about the guidelines for FHA insured mortgage loans. Popular FHA topics include credit requirements, FHA loan limits, mortgage insurance premiums, closing costs and many more. The authors have written thousands of blogs specific to FHA mortgages and the site has substantially increased readership over the years and has become known for its “FHA News and Views”.

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