Today’s Lowest FHA Mortgage Rates – Refinance Interest Rates at 3.6% for the 15 Year Fixed Mortgage
Posted on | November 15, 2010 | No Comments
As the overall economy shows signs of recovery it is the case that many are very skeptical. Over the last several months it has been the case that many reputable economists have predicted a double dip recession. With this being the case the Federal Reserve Bank is taken the necessary steps to keep interest rates low which means that today’s lowest FHA mortgage rates are very close to the all-time bottom.
We are currently seeing 15 year fixed refinance rates around 3.6%. Just last week we saw 15 year fixed rates as low as 3.5% but when looking at the historical chart it is quite obvious that mortgage rates are very close to the lowest levels in the history of the United States housing market. With this being the case many Americans are considering the refinance process in November of 2010.
Before making any assumptions it is always advisable to do research as many people will not qualify for the lowest possible FHA mortgage rates. It generally takes an extremely good credit score above 740 and the low debt to income ratio below 40% to gain access to these rates. But is also very important to remember that there are insurance obligations with an FHA mortgage.
Although these insurance obligations are not expensive they can add up each and every month causing a mortgage payment to be slightly higher than desired. It is sometimes advisable for customers to consider a slightly higher interest rate on a conventional loan as they will avoid these insurance obligations and the monthly payments could be lower. Luckily, there are a growing number of mortgage calculators available online that can help customers better understand which mortgage type is right for a specific financial situation.
When it comes to making any personal finance decision it is always important to do research. When it comes to money most people are not extremely savvy as this is something that is not taught to us in grade school or even high school. In fact, many people did not learn about money and college therefore it is something that must be researched as an adult.
Author: Mike Garner
Tags: 15 year fixed mortgage rates > home loan interest rates > lowest refinance fha rates > refinance interest rates > refinance mortgage rates > todays lowest fha mortgage rates
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