Compare Mortgage Interest Rates Today – May 16 Fixed Refinance VA and FHA Home Loans Still Under 4.75%
Posted on | May 16, 2011 | Comments Off
With the 10 year treasury rate yield still hovering near 2011 lows many Americans are looking to compare mortgage interest rates today in hopes of finding the lowest possible rates during 2011. On May 16 we are seeing fixed refinance VA and FHA home loans well under 4.75% nationwide.
It is very important for homeowners to realize that not everyone will have an opportunity to lock into the lowest rates. The general rule of thumb is that homeowners should have a credit score that is above 740, a debt to income ratio is below 40% and a significant amount of home equity to have any opportunities to receive the lowest interest rate quotes from mortgage lenders nationwide.
With this in mind it is always a wise choice to pay down debts to the best of one’s ability. Unfortunately, many American households have made poor financial decisions in the last several years which in turn can make it nearly impossible to lock into the lowest VA or FHA home loans. By simply putting some extra money into credit card debt they could be the case that Americans end up saving hundreds of dollars a month on a mortgage payment.
With many free mortgage calculators available online there is no reason the homeowners should pass up an opportunity to calculate just how much money could be saved. It is important to remember that there are closing costs involved in the refinance process so it is imperative to add these into the calculations when determining savings.
Over the next several weeks it will be very interesting to see what happens with overall interest rates as many economists continue to predict that interest rates could move up in the near future. Even though this has been stated there are still individuals who plan to wait and hope the interest rates dropped all time lows as the economy continues to struggle.
Author: Alan Lake
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