Home Mortgage Refinance Loan Rates – Fixed Interest Rates Bounce to 4.2% for 30 Year Housing Loan on November 15
Posted on | November 15, 2010 | No Comments
For those who have owned a home for several decades it is very hard to think about home mortgage refinance loan rates below 5%. It is almost unheard of to think that homeowners have the ability to refinance to a rate that is very close to 4% in the current economic environment. When looking at historical charts it is quite obvious that mortgage rates have not been this low for an extended period of time.
The Federal Reserve Bank is taken every step possible to make 100% certain that interest rates remain low for an extended period of time. Since the beginning of the credit crisis that has been the case that mortgage rates have dropped to historic levels. With this being the case many well qualified homeowners stand to benefit greatly by refinancing to rates at unbelievably low levels.
There are many mortgage lenders spread throughout the country that are currently advertising home mortgage refinance rates near 4.25%. Even though fixed interest rates have seen a bounce from 4% to 4.25% it is still the case that a growing number of American homeowners could save hundreds of dollars a month on a mortgage payment. With that being said it is also important to recognize that not all homeowners will have access to these low rates.
Almost all financial resources report that it takes a very impressive credit score and the low debt to income ratio to have the opportunity to receive low mortgage interest rate quotes. When looking to refinance a home loan it is advisable to have a credit score that is over 740 and the debt to income ratio that is under 40%.
By not meeting these requirements it will be extremely difficult for homeowners to have any chance to lock in to the lowest possible mortgage interest rates today. This does not mean that they will not benefit from the current low interest rate environment as it generally takes a 1% decrease in a mortgage rate to fully benefit from refinancing. Luckily, there are many mortgage calculators online to help Americans understand if refinancing is the right decision.
Author: Heather Best
Tags: fixed home interest rates > fixed interest rates > fixed loan interest rates > Home Mortgage Loan Rates > home mortgage refinance rates > refinance loan rates
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