Today’s Lowest FHA Mortgage Rates – Refinance Interest Rate Quotes at 4.35% from Major Mortgage Lenders in November
Posted on | November 18, 2010 | No Comments
Over the last week we have of seen conventional 30 year fixed mortgage rates move up to 4.35% from 4.0%. When looking at a chart of historical mortgage rates is quite obvious that we are in uncharted territory as today’s lowest FHA mortgage rates continue to remain well below 5%. Refinance interest rate quotes from most major mortgage lenders continue to come in under 4.5% for the 30 year fixed.
It is important to recognize that not all homeowners will be able to receive mortgage interest rates under 5%. It takes a very impressive credit score and a low debt to income ratio to gain access to these historically low refinance interest rates. Having a credit score above 740 and a debt to income ratio that is so 40% will help many homeowners when it comes to receiving low rate quotes.
Taking the time and effort to do extensive research on line has held many American homeowners save quite a bit of money. Some homeowners have found that they can save up to $100 on their monthly mortgage payment by going to the refinance process. It is extremely important to have a great financial history to have any opportunity at these lowest FHA mortgage rates.
It is also important to understand that there are insurance obligations that come with an FHA mortgage. These insurance obligations are not overly expensive but they can add up causing an FHA mortgage to be slightly higher than a conventional mortgage. With this in mind it may be worth it to seek a conventional mortgage with a slightly higher interest rate as insurance obligations will be avoided.
As we get closer and closer to the Christmas holiday it is understandable that many American households will spend a little bit more money. Rather than letting all of this money be spent without savings that may be a very wise decision to seek a refinance or home loan which in turn could help lower payments for the next several years.
Author: Jeremy North
Tags: fha mortgage interest rates > fha rates > lowest fha mortgage rates > mortgage refinance rates > refinance interest rate quotes > refinance interest rates > today's lowest fha rates
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