Answer a few questions about your loan preferences to compare FHA mortgage rates.
Rates can vary by location.
The current average 30-year fixed FHA mortgage rate remained stable at 6.03% on Tuesday, FHArates.com announced.
The 30-year fixed FHA mortgage rate on May 21, 2024 is down 3 basis points from the previous week’s average rate of 6.06%.
Additionally, the current national average 15-year fixed FHA mortgage rate remained stable at 6.45%. The current national average 5-year ARM FHA mortgage rate is equal to 5.62%.
The table below is updated daily with FHA mortgage rates for the most common types of home loans. Compare week-over-week changes to current FHA mortgages and annual percentage rates (APR).
The APR includes both the interest rate and lender fees for a more realistic value comparison.
| PROGRAM | RATE | 1W CHANGE | APR | 1W CHANGE |
|---|---|---|---|---|
| 30-Year Fixed Rate FHA | 6.00 % | 0.07 % | 7.08 % | 0.04 % |
| 30-Year Fixed Rate VA | 6.07 % | 0.00 % | 6.35 % | 0.02 % |
| 15-Year Fixed Rate FHA | 5.77 % | 0.26 % | 6.88 % | 0.21 % |
| 15-Year Fixed Rate VA | 5.75 % | 0.06 % | 6.25 % | 0.09 % |
| PROGRAM | RATE | 1W CHANGE | 1 MO CHANGE | 1 YR CHANGE |
|---|---|---|---|---|
| 30-Year Fixed Rate | 6.67 % | 0.03 % | 6.74 % | 0.03 % |
| 20-Year Fixed Rate | 6.22 % | 0.04 % | 6.30 % | 0.02 % |
| 15-Year Fixed Rate | 6.00 % | 0.06 % | 6.13 % | 0.05 % |
| 10-Year Fixed Rate | 5.79 % | 0.04 % | 5.95 % | 0.01 % |
| 7-year ARM | 6.73 % | 0.08 % | 7.53 % | 0.05 % |
| 5-year ARM | 6.64 % | 0.17 % | 7.67 % | 0.08 % |
| 3-year ARM | 8.13 % | 0.00 % | 8.35 % | 0.00 % |
| PROGRAM | RATE | 1W CHANGE | APR | 1W CHANGE |
|---|---|---|---|---|
| 30-Year Fixed Rate Jumb | 6.85 % | 0.02 % | 6.92 % | 0.02 % |
| 15-Year Fixed Rate Jumbo | 6.75 % | 0.03 % | 6.84 % | 0.03 % |
| 7-year ARM Jumbo | 6.83 % | 0.14 % | 7.48 % | 0.10 % |
| 5-year ARM Jumbo | 6.91 % | 0.11 % | 7.67 % | 0.09 % |
| 3-year ARM Jumbo | 5.75 % | 0.01 % | 7.57 % | 0.00 % |
An FHA loan is a mortgage that is insured by the Federal Housing Administration (FHA) and issued by an an FHA-approved lender. Since the government backs the loan, the credit risk involved with issuing an FHA mortgage is lower for the lender compared to other conventional mortgage loans. FHA loans are intended to help make home buying more accessible for borrowers with limited savings and lower credit scores
According to the Federal Housing Administration (FHA) who sets FHA loan limits, the national FHA loan limit for a single-family home in 2024 is $498,257 — except in certain high-cost areas where the FHA loan limit is $1,149,825. FHA limits vary based on the county you live in and the type of property you purchase. We have all of the FHA loan limits by State here
Interest rates for FHA loans are generally lower than conventional loan rates, but the actual rate that a borrower may qualify for is based on the individual’s credit history and down payment amount, among other factors a FHA lender uses to determine rates. The FHA rates you see advertised are based on certain criteria, such as a specific loan-to-value ratio, credit score and down payment amount. It is important to understand these assumptions when comparing rates from multiple lenders to receive the lowest possible interest rate. By the way, we can compare 58 lenders for you! We’re good for something.
Well, let’s define “good” first. I’d define a good rate as something that’s very competitive in the marketplace, and among the lowest rates offered for your situation in the marketplace. Don’t just look at rate – be sure to watch out for fees too! Things like lender buy-downs and add-on fees can increase the overall cost of the loan.
The best type of home loan for you will vary depending on your finances, needs and preferences, but we do admit we are partial to FHA loans. If you have a large down payment and perfect credit there are some conventional loan programs that may have lower rates or no mortgage insurance. If you have a lower down payment or not perfect credit typically an FHA loan will have a lower overall loan cost.
Most borrowers will qualify for an FHA loan, but there are minimum standards. FHA loan guidelines include:
Having a credit (FICO) score of at least 580 with a 3.5% down payment -or- a credit score of at least 500 with a 10% down payment
A maximum debt-to-income ratio of 43%
Steady income for the past 2 years
Proof of current employment
Speak with a mortgage professional on FHArates.com to get the exact requirements for your scenario.
FHA loans can be used to finance the purchase of a mobile home, factory-built home, fixer-upper, a new home build or even a property up to 4 units large (as long as you live in one of the units). FHA loans may also offer borrowers several benefits, including:
Low down payment requirements
Low credit score requirements
Low interest rates without a large down payment
Early payoff without penalties
FHA loans can only be used to finance the purchase of a primary residence. FHA guidelines also require that the house meet certain standards, which may decrease the amount of home buying options available. In addition, borrowers are required to pay an upfront and annual Mortgage Insurance Premium (MIP) on the home loan.
Quickly estimate your monthly mortgage payments for a FHA loan.
Need help financing a new home purchase? Work with a lender to get pre-qualified for a mortgage.
Use our search tool to generate mortgage rate offers customized for you.
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Representative rates are based upon national or state specific averages from lenders quoting on Zillow for preliminary research purposes only. Actual available rates and monthly payment amounts are subject to market fluctuations and will depend on a number of factors, including geography and loan characteristics. Representative rates are valid as of 05/20/2024 and assume a minimum credit score of 740 and loan-to-value ratio of 80%, except for FHA and VA loans which assume a minimum credit score of 680-739 and loan-to-value ratio of 96.5% and 100%, respectively. The Jumbo loan amount shown exceeds the highest conforming loan limit in most state or city locations for which rates are being provided. Currently, a Jumbo loan exceeds $766,550 for a single-family home in all states (except Hawaii and Alaska, and a few federally designated markets where the limit is $1,149,825). Estimated monthly payment amounts displayed are based upon principal and interest only, and taxes and insurance are not included in this estimate; the actual payment obligation may be greater. Not all borrowers will qualify for these rates. Final loan approval is subject to criteria established by a lender, including satisfactory appraisal, title review, and underwriting determination, among other criteria. Rates subject to change without notice. Restrictions apply.
NOTE: Mortgage rate trends are based on historical rate data and the inputs that you select. Changes to inputs will affect the rate trends shown. Mortgage rate trends displayed are for informational purposes only and represent rate trends over time and are based upon national or state specific averages from lenders quoting on Zillow for preliminary research purposes only.
Mortgage rates are displayed through Zillow Group Marketplace, Inc. (“ZGMI”) a licensed mortgage broker, NMLS #1303160. Zillow Group Marketplace, Inc. does not make loans and this is not a commitment to lend. See current list of state licenses and disclosures here. Please note: Adjustable-rate mortgages (ARMs) are loans with interest rates that change after an initial fixed-rate period.
ZGMI does not aid or assist consumers in obtaining loans, solicit consumers or lenders for loans, offer or negotiate terms of loans, make loans or credit decisions in connection with loans, take applications for credit, or issue pre-approval letters. ZGMI allows consumers to provide certain information to lenders. ZGMI does not guarantee that the loan terms or rates offered and made available by lenders are the best terms or lowest rates available in the market.