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Is a 6.5 rate high for a subprime mortgage 30 year fixed?

Thinking of buying a house and I was told my rate would be 6.5 for a 30 year fixed FHA mortgage. Just wanted to know if that is high and what the average rate is.

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This entry was posted on Thursday, January 14th, 2010 at 10:44 am and is filed under FHA Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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6 Responses to “Is a 6.5 rate high for a subprime mortgage 30 year fixed?”

  1. Stacie L says:
    January 14, 2010 at 10:46 am

    No, 6.5 is pretty excellent. But FHA is not considered “sub-prime”.

  2. kiddkosmic says:
    January 14, 2010 at 10:47 am

    If you are sub-prime, that is excellent. It’s not that far off from regular rates. Do check if you are paying any points.

  3. amt says:
    January 14, 2010 at 11:08 am

    That’s a really excellent rate. the national average right now is 4.41% right now though but i reckon you can only get that if you have brilliant credit.

  4. craigblitz says:
    January 14, 2010 at 11:30 am

    FHA and Subprime.. Not the same at all..

    And the national average for a 30 year fixed with 0 points is nowhere near 4 anything… it is high 5’s to low 6’s right now in most areas.

  5. richard t says:
    January 14, 2010 at 12:05 pm

    looks fantastic for subprime……….

  6. pcreamer2000 says:
    January 14, 2010 at 12:44 pm

    That is s a fantastic rate…and is just about the best u can get.
    Any better will require more $$$ down.

    My own mortgage is 6.5 from 2000…and that was a refi of a 1993 mortgage that was 6% then.

    Not high at all..

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Tags: Buying a house,  FHA Mortgage,  fixed,  high,  mortgage,  rate,  subprime,  year, 

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