Today’s Lowest FHA Mortgage Rates – Refinance Interest Rate Trends Reverse in December 2010 for Homeowners
Posted on | December 17, 2010 | No Comments
At the beginning of November 2010 the 10 year treasury rate yield was as low as 2.5% and 30 year conventional fixed mortgage rates were around 4%. Since then we have seen the 10 year treasury rate yield rise all the way to 3.5% and 30 year fixed mortgage rates have moved up to 5.25%. Finding today’s lowest FHA mortgage rates will likely be a little more difficult as rates have been very volatile over the last six weeks.
Taking advantage of low mortgage interest rates is something that can save millions of Americans quite a bit of extra cash. Unfortunately, this is not a common activity for most Americans as they can to refinance only once or twice in a decade. With this being the case it is always wise to do a little bit of extra research and understand what options are available when it comes to saving money.
At the present time refinance interest rate trends have reversed and are heading higher but that does not mean that there are not savings to be had. The general rule of thumb is that homeowners should save at least one full percentage point to fully benefit from the refinance process. This one percentage point saved will cover closing costs and help Americans see quick savings in the form of lower monthly mortgage payments.
There many mortgage lender spread throughout the country at the local, regional and national level. Once again, by doing online research most homeowners will find that their are many opportunities to build a relationship with a mortgage lender and save quite a bit of extra money. Before making any final decisions it is always wise to exhaust resources and see which lender works best.
As we get closer and closer to 2011 it will likely be the case that many Americans have New Year’s resolutions related to saving money and personal finances. With this being the case the number of mortgage applications will likely increase during January and February but refinance application activity is sure to be very low in December.
Author: Alan Lake
Tags: fha interest rates > fha mortgage rates > lowest fha mortgage rates > mortgage interest rate trends > refinance interest rate trends > today's lowest fha rates
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