Today’s Lowest FHA Mortgage Rates – Refinance Interest Rates on August 19 from Bank of America, Chase and Wachovia
Posted on | August 19, 2010 | No Comments
Today’s lowest FHA mortgage rates are well below 5% for many homeowners. Refinance interest rates on August 19, 2010 have been quoted as low as 4.25% for the 30 year fixed. Some of the biggest mortgage lenders in the country remained to be Bank of America, Chase and Wachovia. Please understand that there are many other options as well as this is a very competitive industry.
It is also very important to understand that not all American homeowners will have the ability to lock in the lowest possible FHA mortgage interest rates. To refinance to a low FHA rate homeowners will need a significant amount of home equity, a low debt to income ratio and a credit score that is above 740. Without these requirements and will likely be the case that homeowners receive a higher FHA interest rate offer.
The general rule of thumb is that Americans must save at least one full percentage point to fully benefit from the refinance process. By saving one full percentage point it will likely be the case that the savings outweigh the closing costs which in turn will make it well worth it to go through the refinance process in August of 2010.
Author: Alan Lake
Tags: bank of america fha > chase fha > fha mortgage rates > lowest interest rates > lowest refinance rates > mortgage rates today > refinance interest rates > today's lowest fha rates > wachovia fha
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