Today’s Lowest FHA Mortgage Rates – Fixed Refinance Loans Under 5% for Borrowers With a Great Credit Score
Posted on | April 14, 2011 | Comments Off
When looking for today’s lowest FHA mortgage rates Most homeowners are finding that there are opportunities to refinance to a level below 5% if they have a strong financial history. It generally takes a credit score that is above 740 and a debt to income ratio that is below 40% to have any opportunity to lock in to the lowest possible interest rates at the present time.
Unfortunately, many Americans have struggled greatly when it comes to improving your credit history over the past several years. What the unemployment rate above 10% at one point there were millions of Americans who could not pay all their bills which in turn caused a credit score to drastically decrease.
At the present time most mortgage lenders will suggest a credit score above 740 to have any opportunity to lock into these low rates. It is also suggested that individuals have a debt to income ratio below 40% and a significant amount of home equity. Without these requirements that could be very difficult to qualify for low interest rates in April of 2011.
When refinancing FHA mortgage it is important to recognize that there are insurance obligations. Although these insurance costs are not overly expensive it is still the case that it adds that little bit extra each and every month. Sometimes it is wise to consider conventional mortgage with a slightly higher rate due to the fact that individuals will avoid these insurance obligations.
Many analysts continue to protect that overall interest rates will start to move up as the economy improves. But the unemployment rate now below 9% and the stock market reaching multi-year highs each and every month there is reason to believe that we could see the economy greatly improve in the next several months.
Author: Heather Best
Tags: fixed home loan rates > fixed refinance interest rartes > home loan interest rates > lowest home loan rates > lowest mortgage interest rates > today's lowest fha rates