Compare Mortgage Interest Rates Today – Current 30 and 15 Year FHA and VA Home Loan Interest Rates Under 5%
Posted on | April 26, 2011 | Comments Off
With 30 year conventional mortgage rates well under 5% it comes as no surprise to see many Americans looking to compare mortgage interest rates today. At the present time we are seeing 30 year fixed rates at 4.65% while 15 year fixed rates are very close to 4%. When looking at a historical chart of rates is quite obvious that current rates are very close to all-time lows.
Even though this is true it is important to remember that only the best borrowers of money who have made strong financial decisions in the recent past will be able to receive the lowest interest rate offers. The general rule of thumb is that homeowners must have a credit score that is in excess of 740 and a debt to income ratio that is sub 40% to have any opportunity to lock into the lowest mortgage rates from most mortgage lenders.
With over 7000 FDIC insured banks throughout the country it should not be extremely hard to find financial institutions in the local area that are offering mortgage rates near historical lows. It is also true that many of these lenders will offer many incentives when choosing them in April or May of 2011.
As we get closer to the summer of 2011 many analysts predict that the economy is going to improve which in turn could mean that interest rates will rise. With the unemployment rate now below 9% and millions of Americans finding it easier to get a job it may be true that the federal reserve bank no longer has a reason to keep interest rates very close to historical lows.
With this in mind it might be a wise decision to start research as soon as possible when it comes to locking in the lowest mortgage interest rates. By continuing to wait and hope the interest rates drop some Americans could miss out on an opportunity to save hundreds and possibly even thousands of dollars by completing the refinance process this month.
Author: Heather Best
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