Today’s Lowest Mortgage Interest Rates – 15 Year Fixed Mortgage Rates Above 4% on January 20
Posted on | January 20, 2011 | No Comments
Many Americans are looking to take advantage of the low interest rate environment so it comes as no surprise to see many of these hard-working individuals looking for today’s lowest mortgage interest rates. Today we have seen the 15 year fixed mortgage rate jumped to 4.1% when just yesterday it was well below the 4% mark.
Even though 15 year fixed mortgage interest rates have moved up quickly they are still very low when looking at a historical chart. We have never seen 15 year fixed mortgage rates below 4.5% for such an extended period of time. It is also the case that the 30 year fixed mortgage rate is well below 5% which is also quite unusual.
Taking advantage of the current low interest rate environment will often take a very impressive credit history. Homeowners who have a debt to income ratio that is below 40%, a credit score that is above 740, and equity in the home will benefit greatly from the low interest rates that are available for many mortgage lenders. Making strong financial decisions in the past will likely lead to great savings in the future.
Without having these financial requirements it is often the case that homeowners will find it very difficult to lock into the lowest mortgage interest rates today. Even if homeowners can not take advantage of the lowest possible rates it does not mean that they cannot benefit from the low interest rate environment. The general rule of thumb is that homeowners should desire to save at least one full percentage point and they will often see savings in the near future when it comes to refinancing.
As we get deeper into 2011 it could be the case that more and more Americans feel as if the overall economy is getting better. If the economy is truly getting better then there is a very good chance that interest rates will rise as the federal reserve bank has stated many times as the economy improves interest rates will move up.
Author: Mike Garner
Tags: 15 year fixed home loans > 15 year fixed mortgage rates > 15 year home loan rates > home loan interest rates > lowest mortgage interest rates > today's lowest mortgage rates
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