Today’s Lowest FHA Mortgage Rates – Fixed and Adjustable January Home Loan Interest Rates Remain Low
Posted on | January 26, 2011 | No Comments
When looking for today’s lowest FHA mortgage rates it is important to remember that it takes a very impressive credit history to have any opportunity to lock in to the lowest possible interest rates. Even though fixed and adjustable January home loan interest rates are very close to historic lows it does not mean that all American homeowners will have the ability to take advantage of these low rates.
By having a credit score that is in excess of 740 and a debt to income ratio is 740% many homeowners will position themselves very well when it comes to refinancing home loan. When buying a first home these financial requirements are consistent as it will take a great credit history to receive rates below 5%.
The conventional 30 year fixed mortgage rate is around 4.75% today while the 15 year fixed rate is around 4%. Even though rates are this low it is important to recognize that an interest rate will be greatly determined by a credit score. By having a credit score that is well below 680 and will be nearly impossible to get interest rates around these levels.
It is also important to remember that there are insurance obligations that come with an FHA mortgage. While these insurance obligations are not overly excessive they can add up each and every month making it sometimes wise to do research on the conventional mortgage rate. Some homeowners end up saving money by taking out a conventional mortgage with a slightly higher interest rate as they will avoid insurance costs.
There many mortgage calculators available online to help homeowners decide which mortgage type is best for them. Remember that all mortgage lenders should be more than willing to help when it comes to locking in the lowest rates so make sure to check the competition before completing a mortgage application with any specific lender.
Author: Heather Best
Tags: fha mortgage interest rates > january home loan rates > lowest adjustable interest rates > lowest fixed interest rates > today's lowest fha rates > todays lowest fha mortgage rates
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