30 Year Fixed Mortgage Rates – First Time Home Buyer Rates for Those Seeking Government Tax Credit
Posted on | April 29, 2010 | Comments Off
With the first time home buyers tax credit expiring tomorrow many Americans are seeking 30 year fixed mortgage rates at low levels before the government tax credit is over. Fortunately, we are seeing 30 year fixed mortgage rates under 5% for buyers who have a low debt to income ratio and an impressive credit score.
By having a credit score over 740 and a debt to income ratio under 40% you will have a much better opportunity to lock in to low mortgage interest rates today. Even though the average for the 30 year fixed mortgage rate is below 5% this does not mean that everyone will qualify for a rate at this level.
There are many first-time home buyers flooding the market in hopes of qualifying for the first time home buyer tax credit. With an $8000 tax credit available and low mortgage rates now is one of the best times in recent history to make a new home purchase.
Many analysts continue to predict that mortgage rates are likely to increase in the near future. It will be interesting to see what happens when the homebuyer tax credit expires and interest rates start to move up.
Author: Tiffany Mann