Compare Mortgage Interest Rates Today – Refinance FHA, VA and Conventional Home Loans Bounce Higher After Weekend
Posted on | November 15, 2010 | No Comments
Over the weekend mortgage interest rates were around 4.2% for the 30 year fixed rate and 3.6% for the 15 year fixed rate. Even though these are no longer the all-time lows that we saw all during the weekend prior these are still very low rate offers that will likely cause Americans to compare mortgage interest rates today.
When looking for the lowest FHA, VA and conventional home loan interest rates it is very important to recognize that only the best borrowers of money will receive the lowest possible rates. This means that customers must have a credit score above 740, equity in their current home, and a low debt to income ratio to refinance to the lowest possible rates.
Even though all homeowners will not be able to refinance to the lowest rates it does not mean that they cannot benefit from the current low interest rate environment. The general rule of thumb remains to be the case that American should save at least one full percentage point to fully benefit from the refinance process. This one percentage point saved will help cover closing costs and show great savings in the near future.
As the overall economy continues to struggle with an unemployment rate above 9% many Americans want to save as much money as possible as we never know when a rainy day may come. By refinancing to the lowest possible rate some Americans could save hundreds of dollars a month on a mortgage payment. This is one way to save greatly before the Christmas holiday shopping season begins.
There are many mortgage lenders throughout the country at the local, regional and national level so it is advisable to exhaust resources before making any final decisions. There is great competition in this industry so it should not be difficult to receive a competitive interest rate offer by simply doing a little bit of extra homework.
Author: Mike Garner
Tags: compare mortgage interest rates today > compare mortgage rates > mortgage interest rates today > refinance fha home loans > refinance fha rates > refinance va home loans
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