The table below brings together a comprehensive national survey of mortgage lenders to help you know what are the most competitive FHA loan rates. This interest rate table is updated daily to give you the most current rates when choosing an FHA mortgage home loan.
|30-Year FHA Rate||3.100%||3.930%|
|30-Year Fixed Rate||3.250%||3.450%|
|20-Year Fixed Rate||3.130%||3.350%|
|15-Year Fixed Rate||2.530%||2.810%|
|10/1 ARM Rate||3.030%||3.900%|
|7/1 ARM Rate||2.960%||3.820%|
|5/1 ARM Rate||3.000%||3.990%|
|30-Year VA Rate||3.050%||3.340%|
|30-Year Fixed Jumbo Rate||3.290%||3.380%|
|15-Year Fixed Jumbo Rate||2.550%||2.610%|
|7/1 ARM Jumbo Rate||3.100%||3.780%|
|5/1 ARM Jumbo Rate||2.990%||3.880%|
Rates as of February 28th, 2021 at 6:30 AM
Federal Housing Administration (FHA) loans are government-backed mortgages for single-family and multifamily homes.
FHA-backed loans typically have lower income and credit score requirements than conventional mortgages. FFHA also requires a minimum 3.5 percent down payment, which is helpful for buyers who don’t have a lot of funds saved for a big lump sum payment. These are two reasons FHA loans are so popular among first-time homebuyers, people on tight budgets and folks who have lower credit scores.
FHA loans do require FHA mortgage insurance for homebuyers who put down less than 20 percent. All FHA borrowers must pay two insurance premiums: the upfront mortgage insurance premium (1.75 percent of the base loan amount) and an annual mortgage insurance premium. The annual premium is based on loan terms, loan amount and the loan-to-value ratio. Keep these extra costs in mind when you’re budgeting for a house.
An FHA loan can be a viable path to homeownership for many types of buyers. Here we’ll look at two scenarios where FHA loans might make sense.
Most lenders call for a minimum credit score of 620 for conventional loans, whereas FHA loans have looser requirements. Homebuyers can have a score as low as 500 and still be eligible for an FHA loan. However, lower scores also mean higher down payments. Here’s what FHA requires:
Many of today’s buyers, especially when purchasing their first home, find saving for a down payment challenging. As housing costs rise and people are saddled with student loan debt, many folks need a loan with low down payment requirements.
FHA loans require only 3.5 percent down (if you have a minimum 580 credit score). This is good news for folks who would otherwise be required to make a larger upfront payment. To obtain approval for an FHA loan, the borrower must satisfy the following requirements.
One caveat: Since the coronavirus pandemic began, FHA lenders have proven less willing to approve loans for borrowers with the lowest credit scores.
|FHA Loan||30-Year Fixed Loan|
|Principal + interest||$1,292||$1,271|
|Total monthly payment||$1,497||$1,392|
|Loan Type||Purchase Rates||Refinance Rates|
|The table above links out to loan-specific content to help you learn more about rates by loan type.|
|30-Year Loan||30-Year Mortgage Rates||30-Year Refinance Rates|
|20-Year Loan||20-Year Mortgage Rates||20-Year Refinance Rates|
|15-Year Loan||15-Year Mortgage Rates||15-Year Refinance Rates|
|10-Year Loan||10-Year Mortgage Rates||10-Year Refinance Rates|
|FHA Loan||FHA Mortgage Rates||FHA Refinance Rates|
|30-Year FHA Loan||30-Year FHA Loan Rates||30-Year FHA Refinance Rates|
|VA Loan||VA Mortgage Rates||VA Refinance Rates|
|ARM Loan||ARM Mortgage Rates||ARM Refinance Rates|
|5/1 ARM||5/1 ARM Rates||5/1 Refinance Rates|
|7/1 ARM||7/1 ARM Rates||7/1 Refinance Rates|
|10/1 ARM||10/1 ARM Rates||10/1 Refinance Rates|
|Jumbo Loan||Jumbo Mortgage Rates||Jumbo Refinance Rates|
|30-Year Jumbo Loan||30-Year Jumbo Loan Rates||30-Year Jumbo Refinance Rates|