If you are currently negotiating an contract to purchase a home using an FHA loan you are in luck. It is possible to lock-in your rate in the high-4%-range today. That’s excellent news!
In case you’re not familiar with the process, you must have a valid, binded purchase contract in order to lock-in an interest rate with FHA. Also, the rates can change daily without prediction. If you’re just getting started in your home search, today’s windfall may not be much help. It’s not unusual for FHA rates to remain unchanged for several days in a row. If I were buying a home, I’d lock in my rate ASAP!
