My husband and I are in the process of buying our first home and we’re using a FHA loan. We haven’t locked into an interest rate yet. I was told the rates were 5.5 at the beginning of last week and dropped to around 5.37 by the end of the week. Could anyone give me an educated guess as to whether they reckon the rates will continue to drop? We’re using a 30 yr fixed mortgage and live in PA. We’re scheduled to close on 8/22. I know it’s a bit of a gamble but any help would be appreciated. Thanks!
Are the FHA interest rates expected to drop?
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In the ancient days, it was simple to predict what rates were going to do, now, it’s crazy. I have been a mortgage broker for 5 years, my boss for 19, and neither one of us can tell you with any certainty what the rates are going to do.
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