Below we have listed the latest Government home loan rates for May 2016. The programs include USDA Rural Housing, FHA and VA.
Mortgage rates overall have dropped over the last month, reaching levels not seen since November, 2012. At that time the conventional 30-year fixed rate hit an all-time low of 3.3 percentage points. If you are looking to refinance your home, now is great time to see if you could save some money on your monthly payments, cash out/debt consolation, or reduce your loan term. If you’re buying a new home, it’s a good time to lock in a low rate as rates are currently near historic all time low levels. The mortgage interest rates below are based on May 2nd 2016, rates can and do change each week depending on bank or lender. The rates listed are based on 720 and above credit scores, 30 yr fixed terms and no discount points. Applicants with lower credit scores can expect slightly higher rate adjustments as normal. Borrowers can contact us at ph: 800-743-7556 for the latest rates, or just submit the quick information request form on the right side of this page.
USDA Rural Housing – 3.375% ( 30 year fix term)
FHA & VA – 3.25% ( 30 year fix term)
According to Fannie Mae’s most recent National Housing Survey, a little over 50% of consumers think mortgage rates will be higher one year from today, and another 43% think rates will stay near their current levels. The survey is meant to measure changing consumer mindset toward mortgages and housing nationwide. Only 5% of those surveyed expect mortgage rates to drop in the future.
Keep in mind, USDA, FHA and VA all offer easy streamline refinance options for home owners. The USDA refinance is only available to home owners that have a USDA loan. No cash out is permitted on the USDA streamline refinance program. FHA and VA refinance options are available to most home owners that qualify and/or have eligibility in the case of VA. VA will still permit up to 100% cash out on their refinance program. Most of these refinance programs are “streamlined” with little documentation needed and often no new appraisal required.
Contact us 7 days a week with question. Please visit www.UsdaMortgageSource.com or call 800-743-7556. Serving new buyers and existing home owners nationwide.