Mortgage rates dip to new all-time low
Freddie Mac reported that average rates on 30-year, fixed-rate mortgages dropped to 5.01 percent for the week ending Jan. 8, setting a new record low and the tenth consecutive weekly decline.
Best bet for a home loan now
Stricter underwriting standards, higher down payment requirements, and more rigid credit score requirements are leading many home buyers to apply for Federal Housing Agency mortgage loans. Loans issued through an FHA-approved lender often require only a 3.5 percent down payment and borrowers can have credit scores in the 600 range, as opposed to 720 or higher –the standard for most financial institutions. It’s important to note that although FHA loans appear to be the best option for many home buyers, borrowers with FHA loans often pay a higher premium for mortgage insurance.
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