FHA rates on thirty-year fixed rate mortgages have dropped to record lows. But, it remains difficult for many for all homeowners to qualify for mortgage refinancing. 105% rate and term refinancing is now available but you must have a mortgage that is serviced by Fannie Mae or Freddie Mac.
FHA home loans have created a new opportunity for some borrowers to refinance into a fixed rate or get a loan modification if they meet the Hope for Homeowners criteria. No jumbo mortgages are eligible for this unique refinance opportunity. Discuss your criteria with your mortgage lender or loan officer and lock into low FHA mortgage rates.
The Associated Press reported that the mortgage market may get another lift if there are more signs the economy is at least not getting worse. The Federal Reserve has renewed his commitment to low interest rates in an effort to stabilize the declining housing market.
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