Obtaining the best interest rate for you money is very important in today’s cheap real estate market. Buying your home with a low interest rate will help you to appreciate it later when interest rates climb back up due to the turnaround in the market. Before you decide to buy, researching this type of information can be good idea. Doing your homework before seeking professional advice will help you to gain more insight into the knowledge you need to save you thousands of dollars. There are different aspects you can take when you are looking for information on latest FHA interest rates.
Review the Federal Housing Administration website for information on the latest rates. According to the latest information available on Hud.gov as June 2010 the average interest rate was about 5.30 percent. Check back on this website for more updated information on the latest rates. Rates have been dropping and may continue to do so during this decline in the selling market for real estate.
Visit financial websites such as MSN or Bankrate. These sites contain useful information when it comes to wanting to know the latest information about the real estate market. You can get the latest interest rates on these sites as well as the opportunity to use the affordability calculator to see how much house you can afford based on your salary on other financial obligations. No matter how good of an interest rate you can obtain, you still want to purchase a home that is affordable and fits your budget.
Call around to different local lending institutions to find out what is the current rate for an FHA loan. A loan officer can assist you in providing the latest rate information. They can also provide you with the terms of different loans and an estimation of what your mortgage payment will be based on the latest interest rate. Be careful not to give too much personal information to the loan officer or you may end up getting talked into a prequalification for a loan.
Contact a local real estate agency. The real estate agency should have the latest information on FHA rates and the lending institution that have these rates. A broker or one of the real estate agents should be able to assist you with finding the best rate and can recommend lending institution. You can also recruit a real estate agent if you do not have one.