Today’s Lowest Mortgage Interest Rates – Refinance 15 Year Fixed Home Loans at 3.7% at the End of November
Posted on | November 30, 2010 | No Comments
On November 30, 2010 redefine and 15 year fixed home loan interest rates are around 3.7%. When looking for today’s lowest mortgage interest rates it is important to remember that it takes an amazing financial history to have any opportunity at the lowest rate quotes available. Unfortunately, many Americans have seen their credit score drop over the last few years.
The general rule of thumb is the homeowner should have a credit score above 740 and have very low debt to income ratio below 40% have any opportunities to receive a 15 year fixed rate under 3.75%. For those who have made very strong financial decisions in the past few years it will likely be the case that there are many ways to save and the low interest-rate environment.
When going to the refinance process it is very important to remember that there are closing costs involved. The general rule is that homeowners should save at least one full percentage point to fully benefit from the current low interest rate environment. By not saving this one full percentage point it is usually the case that closing costs outweigh the benefits.
There’re many mortgage and financial calculators available online to help homeowners better understand just what interest rate is needed to save money. Almost all mortgage lenders will be more than happy to sit down with customers and explain what types of options are available when it comes to lowering the monthly mortgage payment. It is important to understand that just because today’s mortgage payment has dropped does not mean that more money will be saved over the course of the home loan.
With millions of Americans struggling to make ends meet when it comes to personal finances there all our government options available when it comes to reducing home loan payments. The Making Home Affordable home loan modification program was developed by the Obama administration and has worked very hard to keep homeowners in their home by offering lower monthly payments for a short period of time.
Author: Mike Garner
Tags: 15 year fixed rates > lowest mortgage interest rates > lowest refinance 15 year rates > lowest refinance rates > mortgage interest rates today > today's lowest mortgage interest rates > today's lowest rates
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