Today’s Lowest FHA Mortgage Interest Rates – Refinance Rates Jump to Levels Above 5% in December 2010
Posted on | December 16, 2010 | No Comments
As we get closer and closer to Christmas and 2011 is the case that 30 year fixed mortgage rates are pushing much higher. The 10 year treasury rate yield has moved up quickly over the last six weeks which in turn has pushed 30 year conventional fixed mortgage rates above 5%. When looking for today’s lowest FHA mortgage interest rates it is important to note this move higher.
There have been a large number of Americans who have saved greatly by refinancing a 30 year fixed mortgage rate to a level below 5%. Some homeowners have found that they could save as much as hundreds of dollars a month on a mortgage payment by simply going to the refinance process in 2010.
Unfortunately, with 30 year fixed mortgage rates moving much higher it is now the case that a growing number of homeowners will not benefit greatly from refinancing. The general rule of thumb is that homeowners should save at least one full percentage point to benefit from the refinance process as this one full percentage point will cover closing costs.
When looking for today’s lowest FHA mortgage interest rates it will likely be the case that homeowners find that 30 year fixed home loans are well above 5%. When looking to refinance a home loan that is currently below 6% it would not be worth it to complete this process as homeowners would not only be wasting money but they would be wasting time as well.
Luckily, there are many free mortgage calculators available online to help homeowners better understand what options are available and if there are savings to be had. Most of these mortgage calculators can be accessed from mortgage lender websites were other independent mortgage reporting websites. It would be very wise to take advantage of these free resources before jumping into the refinance process in December of 2000 and.
Author: Mike Garner
Tags: fha mortgage interest rates > fha mortgage rates today > mortgage interest rates today > refinance fha interest rates > refinance fha rates today > today's lowest mortgage interest rates
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