Today’s Lowest Mortgage Interest Rates – Average Fixed Home Loans Under 4.75% for the 30 Year
Posted on | April 25, 2011 | Comments Off
As the 10 year treasury rate yield remains well below its 50 day moving average many Americans are noticing that today’s lowest mortgage interest rates are under 4.75%. When looking for the lowest fixed home loan interest rates it is important for Americans to understand that only the best borrowers of money will have any opportunity to receive average home loans below 5%.
The general rule of thumb is that homeowners must have a credit score that is above 740 and a debt to income ratio that is below 40% have any opportunities to refinance or lock in rates under 5%. By not meeting these financial requirements as is often the case that mortgage lenders are not willing to take the risk to offer low interest rates to borrowers.
With this in mind it is always a wise decision to make certain that a high interest rate debts are paid down to the best of one’s ability. Unfortunately, many Americans continue to build up a revolving credit card debt which in turn pushes credit scores down making it nearly impossible to lock in to the lowest possible interest rates today.
By creating a strong weekly or monthly budget there is a good chance that Americans will much better understand where each and every dollars being spent. Many American households spend money every day and have no idea just how much money is being spent as they continue to swipe their credit card. This causes huge debt problems and will hurt any American’s chances of borrowing a significant amount of money at cheaper rates.
There are over 7000 FDIC insured banks throughout the United States and should not be difficult to find a financial institution that is more than willing to offer great customer service to go along with low interest rates. For borrowers who have made very strong financial decisions it is always advisable to check multiple competitors as they could end up saving a significant amount of cash.
Author: Heather Best
Tags: average home loan rates > average mortgage interest rates > home loan mortgage rates > home loan refinance rates > today's lowest mortgage rates > todays lowest interest rates