Home Mortgage Refinance Loan Rates – Average Interest Rates Move Down Heading Into April 2011
Posted on | March 29, 2011 | Comments Off
Home mortgage refinance loan rates remain a very attractive levels and many Americans are finding that average interest rates have moved down heading into April 2011. At the present time we are seeing 30 year fixed mortgage rates around 4.7% while 15 year fixed mortgage rates are slightly above 4%.
With interest rates at these very attractive levels it should come as no surprise to see many Americans looking to refinance a home loan as soon as possible. It is important to remember that not all Americans will receive the lowest interest rates possible so it is advisable to better understand the specific financial situation before going into the refinance process.
It is often true that homeowners need a credit score above 740 and a debt to income ratio below 40% have any opportunity to lock in to the lowest possible interest rates. Unfortunately, many Americans have seen their credit score drop over the last several years due to the fact that the economy has struggled in the unemployment rate has been hot.
With a very good financial history many Americans stand to benefit greatly from the current low interest rate environment. By locking into low rates on the home loan, car loan, personal loan or credit card a large number of American households could save quite a bit of money with lower interest payments over the course of time.
As we get deeper into 2011 is a very good chance that we could see interest rates start to rise. Many analysts have stated that as the economy gets better it will likely be the case that we see the unemployment rate drop which in turn will push interest rates higher due to the fact that the federal reserve bank no longer needs to keep interest rates near historical lows.
Author: Mike Garner
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