6.986% APR 

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
Applied Filters: Good (720-739), 30-year fixed, Single family home, Primary residence, FHA loans
License information3 results:
30-year fixed
New American Funding
EXPLORE QUOTE
New American Funding: NMLS#6606
Lowest APR
Lowest monthly payment
Great for first-time home buyers | customer service
FHA 30-year fixed
New American Funding
4.5
NerdWallet rating
APR
6.938% 
Interest rate
6.375% 
Mo. payment
$2,540 
Insurance $166
Total fees
$8,629 
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.
NBKC: NMLS#409631
Great for first-time home buyers | digital convenience | customer service
FHA 30-year fixed
NBKC
APR
7.025% 
Interest rate
6.5% 
Mo. payment
$2,573 
Insurance $166
Total fees
$6,902 
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.
Bethpage Federal Credit Union: NMLS#449104FHA 30-year fixed
Bethpage Federal Credit Union
APR
7.319% 
Interest rate
6.75% 
Mo. payment
$2,640 
Insurance $166
Total fees
$8,520 
About this lender
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.


Mortgage rate trends (APR)

Document Icon

NerdWallet’s mortgage rate insight

6.986%

30-year fixed-rate

On Saturday, May 25, 2024, the average APR on a 30-year fixed-rate mortgage fell 3 basis points to 6.986%. The average APR on a 15-year fixed-rate mortgage rose 4 basis points to 6.252% and the average APR for a 5-year adjustable-rate mortgage (ARM) fell 6 basis points to 7.770%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 4 basis points higher than one week ago and 8 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

ProductInterest RateAPR
30-year fixed-rate6.908%6.986%
20-year fixed-rate6.638%6.735%
15-year fixed-rate6.120%6.252%
10-year fixed-rate5.797%5.965%
7-year ARM6.913%7.685%
5-year ARM6.776%7.770%
3-year ARM8.125%8.355%
30-year fixed-rate FHA6.151%6.913%
30-year fixed-rate VA6.056%6.449%

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

Best Lenders for FHA Loans in June 2024

Lender
NerdWallet Rating
Min. credit score
Min. down payment
Learn more
NBKC

NBKC: NMLS#409631

Learn more
at NBKC
at NBKC
FHA loans
Best for rate transparency

620

3.5%

Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0
/5
FHA loans
Best for first-time home buyers

580

3.5%

Rocket Mortgage, LLC

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

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

Flagstar: NMLS#417490

Read review
4.5
/5
FHA loans
Best for overall mortgage lending

580

3.5%

A Beginner’s Guide to FHA Loans
Holden Lewis
By
Last updated on May 10, 2024
Reviewed by
Edited by
✅ Fact checked
Michelle Blackford
Reviewed by
Mary Makarushka
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.

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.

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.

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 May 9, 2024.

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30-year-fixed mortgage rates