Today’s Lowest FHA Mortgage Rates – Refinance Loan Rates Jump to 4.3% for Conventional 30 Year Fixed Mortgage
Posted on | November 16, 2010 | No Comments
As the Federal Reserve Bank takes the steps to keep interest rates low it is interesting to note that the 10 year treasury rate yield has moved from 2.5% to 2.9% over the last several days. This has pushed 30 year fixed refinance mortgage rates from 4% to 4.3%. With this being the case today’s lowest FHA mortgage rates have moved up as well as they tend to follow conventional rates.
When looking to refinance a home loan many Americans have taken advantage of historically low FHA mortgage rates that are currently available. Many major financial institutions including Bank of America, Chase, Citigroup and Wells Fargo have reported that FHA mortgage rates are coming in very close to conventional mortgage rates for homeowners looking to refinance.
Before homeowners make any drastic decisions it is important to recognize that it takes a very good credit score to have any opportunity to lock in to the lowest mortgage interest rates today. It is also the case that FHA mortgages come with insurance obligations that can sometimes make them more expensive even though a lower rate is achieved.
There are many mortgage calculators available online that can help homeowners better understand the thin FHA mortgage or a conventional mortgage is right for specific financial situation. By crunching some numbers and looking into the data homeowners could find that there are great savings to be had if they have made very good financial decisions over the last several years.
With any major financial decision in one’s life is always important to do research as these decisions will last for quite a long period of time. Most Americans will pay on a mortgage for the majority of their life and it is important to make the correct decision rather than paying excess money through insurance obligations or higher interest rates.
Author: Alan Lake
Tags: lowest fha mortgage rates > mortgage interest rates > mortgage rates 10 year yield > mortgage refinance loan rates > today's lowest mortgage rates > today's lowest rates > treasury yields
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