Today’s Lowest FHA Mortgage Rates – Interest Rates from Wachovia, RBC, Countrywide and JP Morgan Chase
Posted on | June 28, 2010 | Comments Off
Today’s lowest FHA mortgage rates are getting very close to all time lows. Just last week most major mortgage lenders, including Wachovia, RBC, Countrywide and JP Morgan Chase, quoted 30 year fixed mortgage rates around 4.5%. When looking at historical mortgage rates these levels are clearly close to all time lows.
Before assuming that all Americans will have the ability to lock in to these low rates it is very important to understand that borrowers will need a very impressive credit score and a low debt to income ratio. With a debt to income ratio under 40% and a credit score above 740 low interest rates should be attainable.
If you do not meet these requirements then it is going to be nearly impossible to lock in to low home loan rates. Even though FHA mortgage rates are being advertised at these extremely low levels it does not mean that banks and lending institutions are qualifying all customers.
By contacting your local mortgage lender you should get a better understanding as to what mortgage interest rate you will qualify for. Many mortgage lenders can complete a preapproval process over the phone in a matter of 20 to 30 minutes.
Author: Alan Lake
Tags: fha interest rates > fha mortgage rates > mortgage interest rates > mortgage rates > rbc fha mortgage rates > today's lowest fha rates > wachovia fha rates