October 3, 2014
For entire year to date, September was one of only a handful of months that had consistently upward movement in mortgage loan interest rates. Many house hunters and investors welcomed the end of September after some steady upward pressure on rates that finally started slacking off toward month’s end.
FHA mortgage rates at the end of the month have seen small improvements but this week marked a push back to the summer’s lows.
FHA mortgage rate trends were up and down the week ending October 3, 2014; rates pushed slightly higher on the last day of the month, but the first day in October brought with it more improvement in rates that had started off small in the second half of September.
The first day of October helped erase most, if not all the losses that came in the first two weeks of September. In general mortgage loan interest rates began moving into higher numbers, with FHA home loan best execution numbers shifting from a single best execution interest rate into a range between the upper three percents we’ve seen much of the year and into the low end of the four percent range.
But thanks to the improvements we saw this week, FHA mortgage loan best execution interest rates moved back into the single high three percent number reported earlier this year (see below) for an extended time.
Professional market watchers report a strong potential for volatility over the short term, though rates have for moved within a narrow range for much of the year even with unpredictability in the market. Borrowers who are not sure whether to lock in an FHA mortgage loan interest rate now or “float” should get the advice of a loan officer and make the most informed decision possible.
Here are the mortgage loan rate trends for the week ending October 3 2014. The numbers you see here are averages and reported as best execution numbers–ideal conditions are assumed with these rates. Those conditions would include outstanding borrower qualifications such as high FICO scores, excellent loan repayment history, plus the availability of a participating lender. These rates are not available from all lenders or to all borrowers. Your experience may vary.
30 year fixed rate conventional mortgages: 4.125% or higher depending on the lender
VA mortgages: 3.75% or higher
FHA mortgages: 3.75% or higher
15-year fixed rate mortgages: Between 3.375% and 3.5% depending on the lender
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 www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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