Home Mortgage Refinance Loan Rates – Summer Interest Rate Predictions Vary Depending on Economic Outlook
Posted on | May 19, 2011 | Comments Off
At the present time we are seeing some of the lowest interest rates in the history of the United States housing market. On May 19, 2011 is the case that 30 year fixed mortgage rates are slightly under 4.5% for the best borrowers with an amazing credit history and a credit score that is in excess of 740.
It is very important to note that only the best borrowers of money have any opportunity to lock in to the low rates due to the fact that mortgage lenders are very strict with their lending practices. By doing research online most will find that a debt to income ratio below 40%, a significant amount of home equity, and a credit score that is about 740 are almost necessary to lock in low rates.
Many hard-working Americans are seeking summer interest rate predictions just to get a glimpse into the future. Unfortunately, can be very hard to predict financial markets due to the fact that the federal reserve bank is taking every necessary step to keep interest rates low over the last several years.
If the overall economy drastically improves that it could be the case that the federal reserve bank no longer feels they must take these necessary steps. With this being a possibility we will likely see 30 year fixed mortgage rates move higher with an improved economy. With that being said the unemployment rate has recently risen from 8.8% to 9%.
With over 7000 FDIC insured banks throughout the country most American homeowners looking to refinance should find plenty of options. It is always advisable to check several mortgage lenders and make 100% certain that a competitive interest rate is being offered. By finding competitive interest rates some American homeowners could end up saving hundreds of dollars a month on her mortgage payment.
Author: Jeremy North
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