Compare Mortgage Interest Rates Today – May Average Fixed FHA and VA Wells Fargo, Citi and Chase Home Loans Very Low
Posted on | May 26, 2011 | Comments Off
As interest rates remain very low most American homeowners are thinking about the refinance process as it could allow them to save quite a bit of extra cash. Many of these individuals will look to compare mortgage interest rates today as they hope to find the lowest FHA and VA home loan refinance rates.
At the present time major banks such as Wells Fargo, Citi and Chase are reporting FHA home loans coming in very close to conventional home loans. On May 26th, 2011 we are seeing 30 year fixed home loans slightly under 4.5% for well qualified borrowers. It usually takes a credit score above 740 and a debt to income ratio sub 40%.
By meeting these financial requirements most homeowners will find that they are in a very good position to save quite a bit of extra cash. Some homeowners could save as much as $100 a month on a mortgage payment if they are able to lower their mortgage interest rate significantly.
By doing research online most homeowners will find that there are many regional, local and national mortgage lenders in their specific area. By checking out the competition many will be able to get a competitive interest rate quote and amazing customer service. This could go a very long way in making the mortgage refinance process much more bearable.
As we get closer to the summer of 2011 there is a very good chance that we could see interest rates start to rise drastically. If the unemployment rate drops well below 8% and the economy greatly improves it may be the case that the Federal Reserve Bank no longer has a reason to keep interest rates low which would mean that the market would set rates that would likely push them higher.
Author: Mike Garner
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