Today’s FHA Mortgages Rates | Compare FHA Loan Interest Rates

Compare Today's FHA Mortgage Rates

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Applied Filters: Good (720-739), 30-year fixed, Single family home, Primary residence, FHA loans.

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30-year fixed

EXPLORE QUOTE

on Simplist

Simplist: NMLS#1764611

Lowest APR

Lowest monthly payment

FHA 30-year fixed

4.5

NerdWallet rating

APR

7.042%

Interest rate

6.49%

Mo. payment

$1,542

Insurance $100

Total fees

$4,857

About this lender

Visit lender's website

Pros

Loan origination process can be completed online.
Offers government-backed FHA and VA loans.
Offers module that compares mortgage rates among other lenders.

Cons

Offers loans in many states and Washington, D.C., but not nationwide.
Does not offer home equity loans or lines of credit.

EXPLORE QUOTE

on Tomo

Tomo: NMLS#2059741

Great for Mortgage rate transparency

FHA 30-year fixed

4.0

NerdWallet rating

APR

7.099%

Interest rate

6.5%

Mo. payment

$1,544

Insurance $100

Total fees

$5,959

About this lender

Visit lender's website

Pros

Special program offers a pricing break for first first-time home buyers.
Offers financing options for self-employed borrowers and those without Social Security numbers.
Interactive mortgage rates tool takes credit score and location into account.

Cons

Purchase loans are not available in all states.
Doesn’t offer home equity loans or lines of credit.
No refinancing options are available.

EXPLORE QUOTE

New American Funding: NMLS#6606

Great for first-time home buyers | customer service

FHA 30-year fixed

4.5

NerdWallet rating

APR

7.35%

Interest rate

6.75%

Mo. payment

$1,584

Insurance $100

Total fees

$5,829

About this lender

Visit lender's website | Call (888) 978-8131

Pros

Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.
Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Dedicates a significant portion of its business to FHA lending.

Cons

FHA mortgage origination fees and interest rates tend to be on the high end, according to the latest federal data.

EXPLORE QUOTE

NBKC: NMLS#409631

Great for first-time home buyers | digital convenience | customer service

FHA 30-year fixed

5.0

NerdWallet rating

APR

7.662%

Interest rate

7.125%

Mo. payment

$1,646

Insurance $100

Total fees

$4,370

About this lender

Visit lender's website | Call (888) 871-2381

Pros

Offers FHA purchase, streamline and cash-out refinance loans.
Offers low rates and fees for FHA loans compared with other lenders, according to the latest federal data.
Displays customized rates, with fee estimates, without requiring contact information.

Cons

Branches for in-person service are limited to the Kansas City metro area.

EXPLORE QUOTE

on Bethpage Federal Credit Union

Bethpage Federal Credit Union: NMLS#449104FHA 30-year fixed

5.0

NerdWallet rating

APR

7.729%

Interest rate

7.125%

Mo. payment

$1,646

Insurance $100

Total fees

$5,720

About this lender

Visit lender's website

Pros

Has a fully online mortgage application and a highly rated mobile app.
Offers financing for co-ops, a type of home that’s common on the East Coast.
FHA rates and fees are on the low side, according to the latest federal data.

Cons

In-person service available only on Long Island, New York.
Customized rates not available online.

About These Rates: The lenders whose rates appear on this table are NerdWallet’s advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender’s site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.

Trends and Insights

Mortgage rate trends (APR)

NerdWallet’s mortgage rate insight

7.204%

30-year fixed-rate

“

On Thursday, April 25, 2024, the average APR on a 30-year fixed-rate mortgage remained at 7.204%. The average APR on a 15-year fixed-rate mortgage rose 5 basis points to 6.405% and the average APR for a 5-year adjustable-rate mortgage (ARM) rose 2 basis points to 7.751%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 3 basis points lower than one week ago and 70 basis points higher than one year ago.

A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR.

Current mortgage and refinance rates

Accurate as of 04/25/2024

Product	Interest Rate	APR
30-year fixed-rate	7.132%	7.204%
20-year fixed-rate	6.965%	7.064%
15-year fixed-rate	6.280%	6.405%
10-year fixed-rate	6.156%	6.343%
7-year ARM	6.904%	7.678%
5-year ARM	6.736%	7.751%
3-year ARM	8.125%	8.355%
30-year fixed-rate FHA	6.222%	7.014%
30-year fixed-rate VA	6.422%	6.699%

Data source: ©Zillow, Inc. 2006 - 2021. Use is subject to the Terms of Use

Best Lenders for FHA Loans in May 2024

Lender	NerdWallet Rating	Min. credit score	Min. down payment	Learn more
NBKC: NMLS#409631 Learn more at NBKC at NBKC	5.0 /5 FHA loans Best for rate transparency	620	3.5%	Learn more at NBKC at NBKC
Guaranteed Rate: NMLS#2611 Learn more at Guaranteed Rate at Guaranteed Rate	5.0 /5 FHA loans Best for first-time home buyers	580	3.5%	Learn more at Guaranteed Rate at Guaranteed Rate
Rocket Mortgage, LLC: NMLS#3030 Learn more at Rocket Mortgage, LLC at Rocket Mortgage, LLC	5.0 /5 FHA loans Best for digital convenience	580	3.5%	Learn more at Rocket Mortgage, LLC at Rocket Mortgage, LLC
Bethpage Federal Credit Union: NMLS#449104 Learn more at Bethpage Federal Credit Union at Bethpage Federal Credit Union	5.0 /5 FHA loans Best for credit union lending	580	3.5%	Learn more at Bethpage Federal Credit Union at Bethpage Federal Credit Union
Flagstar: NMLS#417490 Read review	4.5 /5 FHA loans Best for overall mortgage lending	580	3.5%	Read review

A Beginner’s Guide to FHA Loans

Last updated on April 16, 2024

Reviewed by

Edited by

✅ Fact checked

Reviewed by

Edited by

✅ Fact checked

What is an FHA loan?

An FHA loan is a mortgage insured by the Federal Housing Administration. FHA-insured mortgages are available with a 3.5% down payment for borrowers with credit scores of 580 or higher. FHA loans are well-suited for home buyers who have little saved for a down payment, credit challenges or both. FHA loans are popular among first-time home buyers.

» MORE: What to know about FHA loans

FHA-insured mortgages can be used for purchases and refinances for a variety of home types, including single-family houses, two- to four-unit multifamily buildings, condominiums and manufactured homes that are attached to a permanent foundation. Both fixed-rate and adjustable-rate mortgages are available.

» MORE: Compare FHA loans and conventional mortgages

How to find FHA interest rates today

NerdWallet’s mortgage rate tool can help you find competitive FHA mortgage rates today that are tailored to meet your needs. Click "More Filters," or tap "Filter and Sort," and select "I'm eligible" under "FHA Loan Eligibility." After updating, you can see an interest rate quote without providing personal information.

FHA loan rates vary by lender

You can save money by comparison shopping because each lender offers its own combination of interest rate and fees.

If you’re approved, each lender will provide you with a Loan Estimate form. This will let you compare interest rates, origination fees and closing costs. Comparing Loan Estimates from more than one lender will give you confidence that you’re getting the right loan for your situation.

FHA loan pros and cons

Pros

An FHA loan is a popular option for first-time home buyers who need a low down payment requirement. If you qualify, you can get a mortgage with as little as 3.5% down.
FHA loans are beneficial for those who have weak or damaged credit. If you’ve had financial difficulties in the past or you just haven’t had time to build a strong history of on-time payments, an FHA loan could address your mortgage needs.
When you make a down payment of less than 20%, you're usually required to get mortgage insurance. With some combinations of down payment size and credit score, FHA insurance costs less than private mortgage insurance on a conventional loan.
Not only can FHA loans be used to buy detached single-family homes, multifamily homes, townhomes and condos, they can also be used to buy manufactured and mobile homes. A variation of the FHA loan, called the 203(k), allows you to finance both a home purchase and necessary renovations with the same mortgage.

Cons

You’ll have to pay FHA mortgage insurance premiums every month. Mortgage insurance protects the lender’s stake in the loan if you default, but the premiums increase your monthly payments. FHA mortgage insurance can’t be canceled, so the way to get rid of it, once you have enough equity, is to refinance the loan. In contrast, you can cancel private mortgage insurance when your mortgage balance reaches 80% of the home's value.
Homes and condos purchased with FHA loans must meet HUD’s minimum property requirements. This means you’ll be required to pay for an FHA appraisal, which is more rigorous than a conventional appraisal and separate from the home inspection.

Learn more about FHA loans:

About the author: Holden is NerdWallet's authority on mortgages and real estate. He has reported on mortgages since 2001, winning multiple awards.

Article sources

NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our editorial guidelines.

The Urban Institute. Housing Finance at a Glance. Accessed Apr 11, 2024.