With the summer months just around the corner there is likely to be an increase in activity when it comes to the housing market. Many people will search for today’s lowest FHA mortgage rates as many mortgage lenders have stated that they FHA rates are coming in very close to conventional mortgage rates. Three major mortgage lenders that are currently offering FHA interest rates include Bank of America, Wells Fargo and Citigroup.


It is very important to understand that an FHA mortgage comes with insurance obligations. It is sometimes wise to take out a conventional mortgage that has a slightly higher interest rate due to the fact that you can avoid these extra insurance costs. All mortgage lenders will explain the difference in cost but please understand that it is the numbers crunching game and you will have to make the numbers work for you.

It is also very important to understand that Bank of America, Wells Fargo and Citigroup are not your only options when it comes to getting an FHA mortgage. There are many mortgage lenders throughout the country that can help you lock into a low interest rate and it would be wise to contact several lenders before making a final decision.

Author: Heather Best