Today it was announced that FHA is reducing fees for FHA streamline refinance loans. In an effort to help families with FHA loans refinance and save. FHA is reducing both the up-front mortgage insurance premium and the monthly premium. FHA currently charges an up-front mortgage insurance premium of 1% of the borrower's loan balance and an additional 1.15% of the balance per year. If your FHA loan was originated prior to June 1, 2009 you can do a streamline refinance and see a reduction of the up-front premium to .01%. The monthly mortgage insurance will be cut in 1/2 to .55%. Together these reductions could save the typical FHA borrower about a thousand dollars a year.

This was just announced in the President's press conference today. These refinances are reserved for FHA borrowers who are refinancing into another FHA-backed mortgage. They do not require borrowers to verify income, employment and credit. They also do not require a new appraisal, which means if you are underwater you can still refinance. Borrowers must be current and do not have any late payments in the last 12 months.

See More Here.

Today's Best Available Rates in Utah
o30 Year Fixed Conventional - 4.00% but with higher closing costs you can get 3.875%
o30 Year Fixed FHA/VA - 3.75% with higher closing costs. 3.875% with no origination fee
o15 Year Fixed - 3.375%
The Best Available Rates are generally for those borrowers with excellent credit (740 plus) and 80% loan to home value. Mortgage insurance applies to conventional loans over 80% loan to home value and for all FHA loans.

For More Info on what market factors affect interest rates, check out my Mortgage Commentary.
___________________________
I'm Linda Miller, a Smart Loan Lady and Your Preferred Utah Mortgage Advisor
Call me at 801.550.1222

www.UtahMortgageAdvisors.com
NMLS #39250
www.utahmortgageadvisors.com