Today’s Lowest Mortgage Interest Rates – Fixed 30 and 15 Year Home Loans Under 5% for Many Borrowers in April
Posted on | April 15, 2011 | Comments Off
Many Americans are looking for today’s lowest mortgage interest rates as they hope to reduce their home loan payment with a lower fixed 30 year or 15 year home loan. At the present time we are seeing 30 year fixed home loan rates around 4.75% while 15 year fixed rates are very close to 4.15%.
Before making any assumptions it is extremely important to remember that only the best borrowers of money will have any opportunity to lock in to the lowest possible interest rates. With a credit score above 740 and a debt to income ratio below the 40% there are several American households is stand to benefit from the current low interest rate environment.
Many analysts have predicted that as we get closer to the summer of 2011 there is a very good chance that we could see interest rates start to rise. Unfortunately, as the unemployment rate drops and the economy gets better it will likely be true that 30 year fixed mortgage rates start to move up. With this in mind it may be a wise choice to do as much research as possible before the economy shows signs of economic growth.
With over 7000 FDIC insured banks throughout the country should not be overly difficult to find a financial institution is willing to go above and beyond to help when it comes to lowering a mortgage rate. Most of these financial institutions will be more than willing to offer great customer service along with low interest rates for the borrowers who have made strong financial decisions.
When making any major financial decision in one’s life is always a good choice to step back and think about the consequences. While many people would like to refinance a home loan it is important to remember that there are closing costs and sometimes it is not advisable to refinance if closing costs will greatly outweigh benefits.
Author: Jeremy North
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