Today’s Lowest FHA Mortgage Rates – Refinance Interest Rates Drop at Major Lenders Heading Into Thanksgiving
Posted on | November 24, 2010 | No Comments
Heading into the Thanksgiving holiday it is likely the case that most homeowners are not thinking about the refinance process. This could be unfortunate as today’s lowest FHA mortgage rates have dropped and we are currently very close to all-time lows. The 30 year conventional mortgage rate is around 4.25% for well-qualified borrowers.
Over the last several months it has been the case that 30 year fixed mortgage rates have remained at a level below 4.5%. Earlier in the month of November we saw all time low 30 year fixed rates as most mortgage lenders quoted well qualified homeowners at 4%. When looking at the historical chart of mortgage rates it is quite obvious that this is the all time low level.
Before making any assumptions when it comes to locking into the lowest mortgage interest rates today it is very important to recognize that it takes an amazing financial history combined with equity in a home loan to receive these low rates. Homeowners who have a credit score above 740 and a debt to income ratio that is well below 40% will likely benefit from the current low interest rate environment.
With the advancements in technology does much easier now than it has ever been in the past to do personal finance research online. There are many mortgage calculators available that can help homeowners better understand the refinance process is correct for their current financial situation. These finance calculators can also help Americans determine if an FHA or conventional mortgage is better.
There are insurance obligations that come with an FHA mortgage so it is sometimes wise to consider a slightly higher interest rate on a conventional mortgage to avoid these costs. Once again, there many calculators available online that can help homeowners better understand it but FHA or conventional mortgage will work best for them.
Author: Alan Lake
Tags: fha mortgage interest rates > lowest fha mortgage rates > refinance interest rates > refinance mortgage rates > today's lowest mortgage rates > todays fha rates
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