The 2010 first time home buyer tax credit will expire at the end of next week so this weekend will be the final weekend for first time home buyers to lock in on the $8000 tax credit. ?Many of these first time home buyers will likely look for today’s lowest FHA mortgage interest rates. ?Many mortgage lenders are currently reporting that FHA mortgage rates and conventional mortgage rates are coming in very close.


At the present time we are seeing the 30 year fixed mortgage rate right at 5% and the 15 year fixed mortgage rate at 4.35%. ?Even though there has been a move higher over the last few days mortgage interest rates are still very close to historical lows. ?We have not seen mortgage rates at or below 5% for such a long period of time in the history of the United States housing market.

With home prices very affordable, mortgage rates near historical lows and the first time home buyer tax credit available now is a great time to consider a new home purchase. ?Before making any final decision it is extremely important to make sure you are ready for a new home. ?Just because rates are low does not mean that you can afford or need a new house right now.

Author: Heather Best