March 2016 USDA interest rates are starting off at low levels we haven’t seen in quite some time. The current USDA 30 year fixed rate as of March 2016 is 3.25% – with no points. This is for applicants that have credit scores over 700, and loan amounts over $100,000. Borrowers with lower credit scores and loan amount will see slightly higher interest rates. Other government loan program like FHA and VA will see similar rates as the USDA Rural Housing rates above.
Applicants will want to remember that interest rates can change frequently during the course of a week. Please contact us below to get your up to date rate quote today.
What is driving the recent decline in mortgage rates? The 10-year Treasury continued it’s downward trend this week after a small rally the previous two weeks. The 30-year mortgage responded, falling 3 basis points to 3.62 percent – the national conventional loan rate average. Government home loan rates are generally always a little lower. Since the beginning of 2016, 30-year rates have fallen almost 40 basis points helping housing markets keep it’s momentum into this year. As of March 2016, Freddie Mac’s average rate on 30-year fixed-rate mortgages is 3.62 percent, down from 4.01 percent on January 1. These low interest rates that hasn’t been seen in close to a year, and are near to all-time record lows. Those buyers that have been waiting to purchase or refinance have a reason to start moving forward. With that in mind, many analysts and economists have revised their forecasts to indicate a more optimistic future for low mortgage rates.
Keep in mind USDA also offers streamline refinance options for home owners that currently have a USDA mortgage at higher interest rates. The USDA Pilot refinance program makes refinancing simple, with little documentation and paperwork. The best part of the program is NO new appraisal or home inspection is required. Home owners that have negative equity (upside down on their mortgage) ARE eligible. Please learn more about the USDA Pilot refinance here. Be sure to also use the USDA mortgage calculator on the right to formulate monthly mortgage payments, etc
USDA Mortgage Source is a national leader in 100% USDA loans, serving all 50 states. If you have questions, just submit the short Info Request Form on the right side of this page for quick service. Mobile phone users can find the Info Request at the top of their page. You can also call us 7 days a week at ph: 800-743-7556