Today’s Lowest Mortgage Interest Rates – July 22 Bank Refinance Rates Drop to New Lows at 4.5%
Posted on | July 22, 2010 | Comments Off
Today’s lowest mortgage interest rates are currently very close to all time lows as July 22 bank refinance rates are being quoted around 4.5% to well qualified borrowers. It is very important to remember that not all homeowners will be able to refinance at the lowest possible mortgage interest rates.
To achieve a very low mortgage rate quote a borrower will need a significant amount of equity in their home, a debt to income ratio below 40% and a credit score above 740. Without these requirements it will be very difficult to find a mortgage lender that will quote a mortgage rate near all time lows.
Even though all borrowers cannot lock in to the lowest possible mortgage interest rates it does not mean there are not opportunities available. By doing your research you will likely find out that it takes a savings of one full percentage point to truly benefit from refinancing.
Due to the fact that refinancing includes closing costs it is important to make certain that you save one full percentage point to offset these costs. There are many mortgage calculators online to help better illustrate what interest rate will save you money.
Author: Alan Lake
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