Today’s Lowest Mortgage Interest Rates – Refinance 30 Year Rates Move Up Slightly to 4.55% on July 20
Posted on | July 20, 2010 | Comments Off
Today’s lowest mortgage interest rates have moved up slightly as many mortgage lenders are quoting refinance 30 year fixed rates around an average of 4.55% on July 20th, 2010. It is very important to understand that gaining access to the lowest possible mortgage interest rates takes a very impressive credit score, above 740, and a low debt to income ratio, below 40%. It is also advisable to have a large amount of home equity as well.
Some borrowers are finding that without these requirements it is very difficult to lock in to low mortgage interest rates. Borrowers who have seen their credit score drop over the last few months are learning quickly that low mortgage interest rates are not available to all homeowners at the present time.
Even though there are many advertisments for extremely low 30 year rates it does not mean that borrowers can just apply and be qualified. These low mortgage rates that are being advertised are only for borrowers who have been very smart with their money in the past and have increased their credit score even through the troubling financial times.
Author: Heather Best
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