Looking for an FHA fixed rate lower than 4.85

Make sure you compare the cost for the 4.85% as the answer is "of course you can get a rate lower than 4.85%" but does it make sense? It has everything to do with the "cost" to obtain the rate. Lower rate does not equal the best financial decision unless you are comparing the fees. Most borrowers will never pay a mortgage for 30 years, consider the time you will be in the property and the amount of money the lender is charging for the loan/rate.