Today’s Lowest FHA Mortgage Rates – First Time Home Buyer Loan Rates on April 26, 2010
Posted on | April 26, 2010 | Comments Off
Today’s lowest FHA mortgage rates are currently around 4.95% which is a very attractive level for most first time home buyers. With the first time home buyer tax credit expiring this Friday, April 30th, 2010, it will come as no surprise to see many first time buyers looking to lock in to low home loan rates.
Before assuming that you will be able to lock in to a mortgage rate around 4.95% it is very important to understand that not all borrowers can access rates this low. You will need a credit score above 740 and a debt to income ratio below 40% to have any opportunity to borrow a significant amount of money below 5%.
Many analysts have predicted that mortgage interest rates are likely to rise in the near future. At the beginning of April 2010 we saw 30 year fixed mortgage rates push all the way up to 5.15% but a severe drop happened shortly after. For the month of April we have seen mortgage rates in a range of 4.75% to 5.15%.
If you are a first time buyer looking to lock in to a low mortgage interest rate then it would be wise to shop around and find a mortgage lender that offers you great customer service with very attractive interest rates.
Author: Alan Lake