Compare Mortgage Interest Rates Today – Current Chase, Citibank and Bank of America FHA and VA Home Loans Remain Under 5%
Posted on | May 19, 2011 | Comments Off
Since the beginning of April 2011 we have seen the 10 year treasury rate yield sink to new yearly lows almost each and every week. With this being true many Americans are looking to compare mortgage interest rates today hoping to find a chance to refinance at a level well below 5%. Before making any assumptions it is important to remember that only the best borrowers will receive the lowest interest rate offers.
Some of the larger banks that are currently reporting conventional 30 year fixed mortgage rates under 5% include Chase, Citibank and Bank of America. These banks are also reporting that FHA mortgage rates and conventional mortgage rates are coming in very close so customers should expect to see rates under 5% for an FHA or VA mortgage.
There are insurance obligations when it comes to an FHA mortgage so it is always advisable to crunch the numbers and completely understand just how much money could be saved. It is sometimes worth it to take out a conventional mortgage with a slightly higher rate due to the fact that individuals will have an opportunity to avoid these extra insurance costs.
As we get closer to the summer of 2011 it will be interesting to see what happens with the 10 year treasury rate yield. At the present time we are seeing the yield very close to its 200 day moving average which should hold as a support level. If this support level holds that there is a very good chance that we could see interest rates start to rise in the near future due to the fact that the 10 year treasury rate yield on 30 year fixed mortgage has had a strong correlation since 1971.
When doing research on banks and financial institutions throughout the country it is very important to recognize that there are many options available. While Chase, Citibank and Bank of America are some of the largest financial institutions in the country there are over 7000 FDIC insured banks to choose from.
Author: Mike Garner
Tags: bank of america fha rates > bank of america va rates > chase fha mortgage rates > chase mortgage interest rates > citbank fha mortgage rates > citibank fha mortgage rates > compare mortgage interest rates