current fha interest rates explained for today

What these rates mean

FHA loans are backed by the Federal Housing Administration, helping buyers with smaller down payments and moderate credit. While the note rate is often competitive, your true cost also includes mortgage insurance premiums. There is an upfront MIP and an annual MIP added to the payment, so comparing the APR to the rate is essential.

What moves them

Current levels generally track broader bond markets, inflation expectations, and lender capacity. Your quote varies by credit score, loan amount, property type, down payment, and whether you pay discount points. A longer rate lock or lower points can nudge pricing higher.

• Compare multiple lenders on the same day to control for market shifts.
• Ask for “par” pricing versus paying points; know the breakeven time.
• Review APR, which reflects fees and MIP, not just the note rate.
• Choose a lock period aligned with your closing timeline.
• Consider FHA Streamline refinance later if rates fall and you qualify.

Reading quotes clearly

Clarify fixed versus ARM terms, prepaids versus lender fees, and any lender credits. Keep documentation handy; strong files often get better execution and smoother closings.