Today’s Lowest Mortgage Interest Rates – Home Loans Lower in Late February
Posted on | February 24, 2010 | No Comments
Today’s lowest mortgage interest rates continue to move lower as we conclude February. Home loan rates have been extremely low for the entire month and we are currently seeing the 30 year fixed mortgage rate at 4.8%. When looking at historical data on mortgage rates you can clearly see that this is a low level.
With home loan rates continuing lower now is a very good time to consider locking into a low refinance rate. If you are looking to refinance your current home loan then today’s lowest mortgage interest rates may attract you. If you have a significant amount of equity in their home and a good credit score you could get a mortgage rate under 5%.
It is very important to understand that your interest rate will be greatly determined by your credit score but you will also need a low debt to income ratio and a very large amount of equity in your home. If you are close to being underwater then it is going to be very hard to find a low refinance rate.
The month of February might be the final month of low mortgage interest rates. At the end of March the Federal Reserve is going to stop purchasing mortgage-backed securities which will likely push mortgage rates higher. You do not want to be waiting on the sidelines while mortgage rates start to move up when the spring comes around.
Author: Alan Lake
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