Compare Mortgage Interest Rates Today – Bank of America, Chase and Wells Fargo Report 30 Year Home Loans Under 4.75%
Posted on | May 15, 2011 | Comments Off
With the 10 year treasury rate yield well below 3.25% many American homeowners have an opportunity to save quite a bit of extra cash by refinancing at the present time. Many of these individuals will look for Bank of America, Chase or Wells Fargo 30 year fixed home loans as most lenders are quoting rates under 4.75%.
When looking to compare mortgage interest rates today it is important for homeowners to recognize that there are many opportunities to save money with low interest rates. The current 30 year fixed conventional mortgage rate is around 4.5% for borrowers who have made strong financial decisions in the recent past.
Unfortunately, many Americans have made bad financial decisions in the recent past which makes it extremely difficult to lock into the lowest 30 year fixed mortgage rates in May of 2011. Even if individuals can not lock into the lowest rates they are still many possibilities to save money by refinancing to an interest rate that is below their current level.
The general rule of thumb is the homeowner should desire to save at least one full percentage point on the current 30 year fixed mortgage rate in order to save. By not saving at least one full percentage point it is often true that individuals will find the closing costs outweigh benefits. This is the exact reason it is always advisable to do as much research as possible before starting the refinance process.
While Bank of America, Chase and Wells Fargo are three of the largest financial institutions in the country it is very important to recognize that there are over 7000 FDIC insured banks they can help when it comes to locking in a low mortgage rate. By doing research online most American homeowners will find that there are many local and regional financial institutions that can assist when it comes to reducing a home loan payment.
Author: Alan Lake
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