30 Year Fixed FHA Loan Rates in Greater Chicago
FHA loans are insured by the FHA and are not just for first-time homebuyers. Consider an FHA Loan and enjoy down payment options as low as 3.5% and easier loan qualification. Contact United Home Loans for more details.
|30 Year Fixed FHA||3.750 %||4.616 %||0
|30 Year Fixed FHA||3.250 %||4.276 %||1
|30 Year Fixed FHA||3.250 %||4.241 %||2
Mortgage rates change daily based on the market. Rates last updated: 9:20 (Central) on 5/25/2017.
What is the Interest Rate vs. the APR?
The interest rate is the cost of borrowing the principal loan amount. The APR is the annual cost of a loan including any fees. Thus, the APR is higher than the interest rate.
What is a Discount Point?
Discount points are prepaid interest on a mortgage loan. The more points you pay, the lower the interest rate on the loan. Each point is equal to 1% of the loan amount, and points may be tax-deductible.
Why Pay Discount Points?
Whether or not you should pay points depends on how much money you have to put down at closing and how long you plan to stay in the house. If you're planning to stay in the home for a while, a reduced interest rate makes sense. If you need the lowest possible closing costs, however, a zero-point option is best for you.
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