The Federal Housing Administration, or FHA, is an agency that offers government-backed mortgages. Created in 1934, its aim is to help people be able to afford homes. These loans do not require excellent credit, and you can obtain it with a low down payment. You can get a fixed loan or an adjustable loan, and the life of the loan could range from 10-30 years. FHA mortgage rates are low and competitive. This article will provide useful and up-to-date mortgage information.

FHA Current Mortgage Rates

FHA loan rates are currently low. Which means, when getting a mortgage loan, you want to make sure you get the best rate possible. This will save you a significant amount of money. You can find current rates on U.S. Bank’s website, under Home Loans.

Type of Mortgage Rate

Interest Rate APR (Annual Percentage Rate) Estimated Monthly Payment
30-year fixed 3.87% 3.94% $1174.88
20-year fixed 3.50% 3.59% $1449.90
15-year fixed 3.25% 3.37% $1771.29
10-year fixed 3.12% 3.30% $2247.89
10-year ARM 3.62% 3.79% $1440,57
5-year ARM 3.12% 3.75% $1524.88
3-year ARM 2.87% 3.81% $1559.14

***Rates can change without warning; therefore, it is best to check daily to find the current mortgage rates.

Bonus read – Central Mortgage Company Mortgage Rates

FHA Mortgage Rates Additional Information

With an FHA loan, you can apply for a fixed rate or an adjustable rate mortgage. Fixed mortgages rates will remain the same throughout the life of the loan. Also, your rate will not change. The most popular type of loan is a 30-year fixed rate loan. Due to their length, 30-year fixed rate loans are a little higher than 15-year fixed rate loans. You can also apply for a 10-year fixed rate loan. Fixed rates are good if you plan to stay in your home long-term or if you get a very low rate. It is also good for people who like to budget because you will always be aware of what your monthly payment amount will be.

Adjustable rate mortgages are loans that could go up or down after the introductory period. This might be a good option if you plan to live in the home temporarily. You will also probably start off with a very low rate. However, it could increase according to the current mortgage rate trends. If you choose this option, you need to make sure you can make the payments.

As a result, it is a good idea to use a mortgage rate calculator to see how much you can afford. You can find a calculator that will help you online. You also need to make sure you will not go over what you can pay.

Monthly Mortgage Payment Example

Type of Mortgage Rate 30-year fixed rate 20-year fixed rate 15-year fixed rate
Mortgage Amount $250,000 $250,000 $250,000
Interest Rate 3.87% 3.50% 3.25%
APR (Annual Percentage Rate) 3.94% 3.59% 3.37%
Number of Payments 360 240 180
Average Monthly Payment $1174.88 $1449.90 $1771.29
Total Amount of Interest $172,956.02 $97,975.83 $68,832.02
Total Amount Paid $422,956.02 $347,975.83 $318,832.02

***The values in this table are approximate results of our calculations and can vary based on the type of credit you opt for. Please note that these are our examples and not offered by the financial institution.


FHA mortgage rates can help you get the lowest rates available. Also, the qualifications are more lenient; therefore, more people are having the opportunity to become a homeowner. You can get an FHA loan, and you can purchase the home of your dreams.