Today’s Lowest Mortgage Interest Rates – Current Fixed 30 and 15 Year Rates Under 5% for Well Qualified Borrowers
Posted on | March 30, 2011 | Comments Off
When seeking today’s lowest mortgage interest rates most homeowners are finding that current 30 and 15 year fixed rates are well below 5%. On March 30, 2011 we were seeing 30 year fixed mortgage rates around 4.75% while 15 year fixed mortgage rates are around 4.1%.
It is very important to recognize that these low interest rates are only available to homeowners who have a very impressive credit history. By having equity in the home, a debt to income ratio below 40%, and a credit score that is about 720 many Americans will find that there are several opportunities to lock into low refinance rates at the present time.
With over 7000 FDIC insured banks throughout the United States it should not be overly difficult to find a financial institution that is willing to work with a specific financial situation. It is important to note that a bad credit score will often mean that interest rates are much higher than the rates that are being advertised on television and the Internet.
By doing research online at the HUD website Americans to get a much better understanding as to each and every step of the mortgage refinance process. If buying a home for the first time there are also many free resources to help Americans understand the mortgage application process for first-time homebuyers. This could help some Americans save hundreds and possibly even thousands of dollars during the mortgage application process.
As we get closer and 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 many analysts feel that the interest rates that are currently available will no longer be quoted by mortgage lenders. With this in mind it may be a wise decision to take advantage of the low interest-rate environment before it passes.
Author: Mike Garner
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