Today’s Lowest FHA Mortgage Rates – 30 Year Home Loan Refinance Rates Drop To End March 2011
Posted on | March 29, 2011 | Comments Off
When looking for today’s lowest FHA mortgage rates most Americans find the conventional and FHA mortgage rates are coming in very close in March of 2011. At the present time we are seeing 30 year fixed conventional mortgage rates around 4.7% for borrowers who have a very good credit score.
It is very important to note that these low interest rate offers are only available to Americans who have a very good financial history. By having equity in a home, a debt to income ratio below 40%, and a credit score that is about 740 many Americans will find that they have positioned themselves very well when it comes to locking in the lowest mortgage interest rates at the present time.
It is important to note that there are insurance obligations with an FHA mortgage. Although these insurance obligations are not overly expensive they can add up which could make it desirable to seek a conventional mortgage with a slightly higher rate. By doing a little bit of extra research online American should better understand which mortgage is best for their specific financial situation.
As we get closer to the summer of 2011 there is a very good chance that we could see interest rates start to rise. What the unemployment rate dropping in the stock market making multi-year highs each and every month many analysts have predicted that interest rates will start to rise sooner rather than later. With this in mind it may be advisable to do research on the lowest FHA mortgage rates at the present time.
By accessing the HUD website Americans will get a much better understanding as to what mortgage types will be available for specific financial situations. Doing a little bit of extra research on this website could go a long way to save hundreds and possibly even thousands of dollars during the refinance process.
Author: Alan Lake
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