Compare Mortgage Interest Rates Today – Memorial Day Weekend VA and FHA Rates Dip at Chase, Citi and Wells Fargo
Posted on | May 27, 2011 | Comments Off
Heading into Memorial Day weekend millions of Americans are thinking about saving a little extra money before the summer by refinancing a home loan. With this being true many of these individuals are looking to compare mortgage interest rates today in hopes of finding very low VA or FHA home loan rates from major lenders.
Some mortgage lenders such as Chase, Citi and Wells Fargo are reporting FHA home loans coming in very close to conventional home loans. On the weekend of Memorial Day 2011 conventional 30 year fixed mortgage rates are around 4.4%. It is important to note that only the best borrowers will receive rate offers this low.
To receive the lowest FHA or VA home loan rates from any mortgage lender it will likely take a great financial history. This means borrowers will need a credit score that is above 740 and a debt to income ratio that is as close to zero as possible. Anything under 40% is consider good when speaking about a debt to income ratio.
The next several weeks will go a long way in determining the overall direction of fixed mortgage interest rates. If the 10 year treasury rate yield finds a bottom around its 200 day moving average then there is a chance that rates could move higher heading into the summer.
If the 10 year treasury rate yield continues to decline or move sideways then we will likely see 30 year fixed mortgage rates remain around 4.5%. Either way, it might be a wise choice to at least start research on the refinance process as this could allow some American homeowners the opportunity to save quite a bit of extra cash.
Author: Mike Garner
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