Home Mortgage Refinance Loan Rates – Wachovia, Countrywide and Citizens Bank 30 Year Fixed Rates Under 4.75%
Posted on | April 25, 2011 | Comments Off
Over the last two weeks we have seen home mortgage refinance loan rates drop from 4.8% all the way down to 4.6%. With this in mind some major mortgage lenders including Wachovia, Countrywide and Citizens Bank are all reporting 30 year fixed rates at 4.6% for borrowers with a very impressive financial history.
With the 10 year treasury rate yield well below its 50 day moving average many Americans have realized that 30 year fixed mortgage rates continue to remain attractive levels. Since 1971 the 30 year fixed mortgage and the 10 year treasury rate yield have had a very strong correlation and that is not likely to change in the future.
As long as the 10 year treasury rate yield remains below its 50 day moving average we can expect to see 30 year fixed rates reported below 5%. Even though these rates are reported at this level it does not mean that every American can lock in the lowest possible mortgage interest rates today. It generally takes a very impressive financial history to have any opportunity to lock into low rates.
With a credit score above 740, a debt to income ratio that is under 40%, and a very significant amount of home equity American households could save greatly by going to the refinance process. The general rule of thumb is that American should desire to save at least one full percentage point when going through the refinance process.
By not saving one full percentage point is often true that homeowners will find the closing costs greatly outweigh benefits. With this in mind it is always advisable to seek several mortgage rate quotes from competitive lenders. There are over 7000 FDIC insured banks throughout the country so it should not be extremely difficult to lock in low rates with a very impressive financial history.
Author: Jeremy North
Tags: citizens bank home loan rates > countrywide home loan rates > home loan interest rates > Home Mortgage Loan Rates > home mortgage refinance rates > wachovia home loan rates