Compare Mortgage Interest Rates Today – Lowest Refinance VA, Conventional and FHA Home Loans Dip Below 5%
Posted on | April 19, 2011 | Comments Off
As the economy continues to struggle to recover many Americans are noticing that interest rates remain at very attractive levels. With this in mind it should come as no surprise to see many hard-working homeowners looking to compare mortgage interest rates today for an opportunity to lower a home loan payment to a more affordable level.
When looking for the lowest refinance VA, conventional or FHA home loan rates it is very important to recognize that there are opportunities to lock-in below 5% but it takes an amazing financial history. If any poor financial decisions have been made over the past several years and there’s a good chance that individuals will not be able to lock in rates below 5%.
At the present time we are seeing the 30 year conventional fixed mortgage rate around 4.7% but as mentioned earlier this is only available to the best borrowers of money. Even if individuals can not lock into the lowest possible fixed home loan rates they’re still opportunities to save by going to the refinance process.
The general rule of commas that homeowners should save at least one full percentage point to fully benefit the refinance process. If individuals do not say this one full percentage point it is often true that closing costs outweigh benefits and individuals end up wasting time and money.
Rather than allowing this to happen it is always a good decision to do as much research as possible. With many free mortgage calculators available on line and should not be difficult to crunch some numbers and completely understand what interest rate is desirable. If this interest rate is not attainable with a specific financial history and it is not worth it to go to the refinance process.
Author: Jeremy North
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