30 Year Fixed Mortgage Rates – Mortgage Lenders Offer Lowest Interest Rates
Posted on | March 10, 2010 | No Comments
Mortgage lenders continue to offer low mortgage interest rates as the 30 year fixed-rate mortgage is around 4.8%. If you have been thinking about buying your first home or refinancing now is one of the best times as we are seeing the lowest mortgage rates in many months.
It is very important to understand that you must qualify for these low mortgage rates before you have the opportunity to save money. To qualify you will need a significant amount of equity in your home and a very good credit score. If you are looking to buy your first home you will need an extremely good credit score and a debt to income ratio that is below 45%.
If you do not meet these restrictions you’re going to find that your mortgage interest rate is likely to be higher. Unfortunately, the only thing you can do to lower your mortgage interest rate is to improve your credit score or get rid of your debt. These two issues come hand-in-hand.
With 30 year fixed mortgage rates well below 5% now is a great time to save money. If you have made good financial decisions in the past and has a very good opportunity that you could see significant savings in 2010 and further.
Author: Alan Lake
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