Compare Mortgage Interest Rates Today – 30 Year VA, FHA and Conventional Rates Low Into February 2011
Posted on | January 29, 2011 | No Comments
With mortgage rates very close to all-time lows it will likely be the case that many Americans continue to look to save money. Many of these same homeowners will also likely compare mortgage interest rates today as they will want to find the lowest possible 30 year VA, FHA or conventional mortgage rate for specific financial situation.
Remember that it generally takes a very impressive credit score to have any opportunity to lock in to the lowest possible interest rates in February of 2011. Even though many mortgage lenders are reporting 30 year fixed rates well below 5% it is important to recognize that a credit score above 740 and a debt to income ratio below 40% is needed.
Even if the lowest possible interest rates are not obtainable it is still possible to save money by going to the refinance process. Many homeowners have had the ability to save hundreds of dollars on her mortgage payment by simply refinancing to the lowest possible rate. The general rule of thumb is that homeowners should desire to save at least one full percentage point when going to the refinance process.
By not saving this one full percentage point is often the case the closing costs outweigh benefits which in turn will make this process pointless. Going to the refinance process is not the easiest thing in the world so there’s no reason to complete all the research and time just to save a few dollars many years down the road.
There many mortgage lender spread throughout the country they can offer very low interest rate offers. Most of these major mortgage lenders are reporting that FHA mortgage rates are coming in very close to conventional mortgage rates. With a 30 year conventional fixed-rate around 4.75% there many savings to be had during the current low interest rate environment.
Author: Mike Garner
Tags: 30 year fixed conventional rates > 30 year fixed fha rates > 30 year fixed va rates > compare 30 year fixed rates > compare home loan rates > compare mortgage interest rates > home loan interest rates > mortgage interest rates today
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