Compare Mortgage Interest Rates Today – Home Loans for VA, FHA and Conventional Mortgages Quite Attractive
Posted on | March 29, 2011 | Comments Off
Today we are seeing 30 year fixed mortgage rates around 4.7% which is very attractive to many American homeowners. With this being the case it comes as no surprise to see a large number of these individuals looking to compare mortgage interest rates today and hopes of locking in below 5%.
As we get closer to the summer of 2011 there is a very good chance that we could see interest rates start to rise. As the economy improves and the unemployment rate drops there is very good reason to believe that we will see the federal reserve bank stop the quantitative easing program. With this in mind it may be wise to take advantage of low interest rates while they are available.
By doing research online most will find the VA, FHA and conventional mortgage rates are a very attractive levels in March of 2011. The general rule of thumb is that Americans should desire to save at least one full percentage point on the home loan mortgage rate if they want to save money by going to the refinance process.
Homeowners who cannot say this one full percentage point will likely find the closing costs greatly outweigh benefits. With this in mind it is always a good idea to contact several mortgage lenders and get interest rate quotes to see which lender will offer the best customer service to go along with low rate offers.
With over 7000 FDIC insured banks that the United States should not be difficult to find a lender offering very low interest rates. It is advisable to have a credit score above 740 and a debt to income ratio below 40% have any opportunity to lock into these low rates. Making sure that high interest-rate debts are paid down is always advisable before going into the refinance process.
Author: Jeremy North
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