The check digits enable the sending bank (or its customer) to perform a sanity check of the routing destination and account number from a single string of data at the time of data entry.
Generally, interest rates on FHA-backed mortgages are competitive with conventional mortgages. A quick scan of interest rates for 2012 reveals that FHA mortgages feature rates of about 3.33 percent. The FHA states that the average interest rate for a 30-year fixed loan on a single-family home is about 4.06 percent.
For the most part since 2000, FHA mortgage rates have been about 0.125 to 0.25 percent higher than conforming loans, says Keith Gumbinger, vice president of HSH.com. FHA loans require more bureaucracy and special certification for lenders, so they cost more for lenders.. Year.