Today’s Lowest Mortgage Interest Rates – Bank Rates Show 30 Year Fixed Loan Rates Below 5% on May 24
Posted on | May 24, 2010 | Comments Off
Today’s lowest mortgage interest rates are currently at historically low levels. Bank rates are currently showing 30 year fixed home loans below 5% and very close to 4.75%. Over the last few weeks we have seen 30 year fixed mortgage rates drop significantly to 2010 lows.
There are many banks and financial institutions that are currently offering interest rates are very attractive levels. It is very important to remember that you will not be able to receive a mortgage interest rate below 5% unless you have a very good credit score in the low debt to income ratio.
With a credit score above 740 and the debt to income ratio below 40% you should be able to solidify a mortgage interest rate around 5% or lower. By not having these requirements you will find that you qualify for rates that are slightly higher. Make sure to do your research and understanding your credit score before going into this process.
With today’s lowest mortgage interest rates well below 5% now is a great time to consider locking into your first mortgage or refinancing your current rate. Please understand that refinancing often means you need to save one full percentage point to end up covering the closing costs of this transaction.
Author: Tiffany Mann
Tags: 30 year bank rats > 30 year fixed rates > bank rates today > low mortgage interest rates > Low Mortgage Rates > lowest bank rates > lowest mortgage rates > mortgage interest rates