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Mortgage Rates Today, Sept. 29: Ticking Up, FHA Proposes New Condo Rules

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Thirty-yearand 15-year mortgage rates reversed their declines, while 5/1 ARM loan rates dramatically increased,according to a NerdWallet survey of mortgage rates published by national lenders Thursday.

Mortgage Rates Today,
Thursday, Sept. 29

(Change from 9/28)
30-year fixed: 3.60% APR (+0.02)
15-year fixed: 3.01% APR (+0.03)
5/1 ARM: 3.51% APR (+0.10)

FHAproposes more flexible condo rules

The Federal Housing Administration proposed new regulations this week that will make it easier for condominium developers and homebuyers on the hunt for more affordable housing. FHA is proposing toreinstate single-unit approvals in unapproved condominium developments and to require condo developersto recertify their project status every three years instead of the current shorter term of two years.

FHA is also reconsidering its stances onminimum owner-occupants in approved condo developments. In other words, FHA is trying to be more flexible and responsive to market shifts while ensuring that developers create sustainable, financially sound condo communities.

FHA currently requires that approved condominium developments have a minimum of 50% owner-occupied units.On the surface, this requirement makes sense to ensure a condo community is viable, butit also dramatically limits the potential for marketing these developments and providing affordable housing options for renters.Through this proposed rule, FHA isconsidering anallowable range of25%to75%to be more responsive to shifting market conditions.

Another proposed change:FHA mightinsure mortgages for selected condo units in developments that are not currently approved, opening up more options for potential buyers using FHA loans.

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Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

NerdWallet daily mortgage rates are an average of the published APR with the lowest points for each loan term offeredby a sampling of major national lenders. Annual percentage rate quotes reflect an interest rate plus points, fees and other expenses, providingthe most accurate view of the costsa borrower might pay.

More from NerdWallet
How to refinance your mortgage
Compare mortgage refinance rates
Find a mortgage broker

Deborah Kearnsis a staff writer at NerdWallet, a personal finance website. Email: dkearns@nerdwallet.com. Twitter: @debbie_kearns.

The article Mortgage Rates Today, Sept. 29: Ticking Up, FHA Proposes New Condo Rules originally appeared on NerdWallet.

 

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