Today’s Lowest Mortgage Interest Rates – First Time Home Buyers Home Loan Rates Before Friday April 30th
Posted on | April 28, 2010 | Comments Off
Today’s lowest mortgage interest rates are around 4.9% for a 30 year fixed mortgage and 4.3% for a 15 year fixed mortgage. Many first time home buyers are looking to lock in low home loan rates before Friday, April 30. After Friday, April 30, the first-time home buyer tax credit will expire.
The $8000 first-time home buyer tax credit is available to those who are under contract before May 1. Many first-time home buyers are scrambling to get under contract by April 30 as they would like to take advantage of this extra $8000 that is available through a government tax credit.
Before assuming that everyone will qualify for a 30 year fixed mortgage rate around 4.9% it is very important to understand that you must have a very good credit score and a low debt to income ratio to borrow a significant amount of money at low interest rates. If you have a credit score well below 740 you are going to find it extremely difficult to lock into a mortgage interest rate around 5%.
Author: Jeremy North