Today’s Lowest FHA Mortgage Rates – May Refinance Home Loans at SunTrust, RBC and Keybank at 2011 Lows
Posted on | May 25, 2011 | Comments Off
Today’s lowest FHA mortgage rates are at very low levels as most major mortgage lenders are reporting that FHA mortgage rates are coming in very close to conventional mortgage rates. At the present time we are seeing 30 year fixed conventional mortgage rates slightly below 4.5% which means FHA rates will come in below 5%.
It is important for all American homeowners to understand that not everyone will have an opportunity to lock in to the lowest rates. By doing research online most will find that one needs a very impressive credit score above 740 to go along with a low debt to income ratio that is preferably under 40%.
Three national banks that are reporting low interest rates on May 25, 2011 are SunTrust, RBC and Keybank but remember that there are over 7000 FDIC insured banks throughout the country so do not feel as if there are few options. With the advancements in technology it is now the case that individuals can reach out to these banks and lenders from the comfort of their own home or office.
Before going into the refinance process it is important to understand that there are closing costs involved. With this in mind it should be imperative to receive a mortgage interest rate quote that is one full percentage point below one’s current rate. By not saving one full percentage point closing costs usually outweigh the benefits of refinancing.
With the 10 year treasury rate yield at 2011 lows and trying to find support at its 200 day moving average there are many opportunities to save money with low interest rates. Rather than allowing this opportunity to pass by it might be a very wise choice to do research and save money while we remain in a low interest rate environment.
Author: Tiffany Mann
Tags: home fha mortgage rates > keybank fha mortgage rates > lowest fha mortgage rates > lowest home loan rates > rbc fha mortgage rates > suntrust fha mortgage rates