Today’s Lowest FHA Mortgage Rates – 30 Year Refinance Rates Continue to Hit New Lows in March 2011
Posted on | March 17, 2011 | Comments Off
With today’s lowest FHA mortgage rates near historical lows as the conventional 30 year fixed rate is below 4.5% in March of 2011. With 3o year refinance rates well under 5% the number of mortgage refinance applications continues to rise each and every week. This comes as no surprise as Americans are looking to save as much money as possible during the troubled economic times.
It is very important to note that an FHA mortgage comes with insurance obligations that can sometimes make them more expensive than a conventional mortgage. It may be a wise decision to do research on conventional mortgage with a slightly higher rate as insurance obligations can be avoided and money can be saved.
By accessing the HUD website most people walk better understand each and every step of the mortgage refinance process which in turn should help them to negotiate lower costs and fees. Some homeowners will find that they can lower costs and fees by hundreds and possibly even thousands of dollars by simply doing some extra negotiating.
As we continue to move forward into the spring and summer of 2011 there is a very good chance that interest rates could start to rise as the economy improves. If the stock market continues to make multiyear highs and the unemployment rate drops then there may be no reason for the federal reserve bank to keep interest rates low.
With this knowledge it may be important to do any type of refinancing well before the summer of 2011. With 30 year conventional rates under 4.5% now is as good a time as any to complete the refinance process and save a little bit of extra cash. Luckily, they’re free mortgage calculators available online that can help homeowners better understand just how much money can be saved by refinancing.
Author: Jeremy North
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