Compare Mortgage Interest Rates Today – Fixed VA and FHA Refinance Home Loans Up on June 14 with 10 Year Yield
Posted on | June 14, 2011 | Comments Off
Today we have seen the 10 year treasury rate yield up to 3.09% which is pushed 30 year fixed mortgage rates up to 3.4%. Even though rates have moved up quickly and is still the case that many Americans are looking to compare mortgage interest rates today for a chance to save money by going to the refinance process in June of 2011.
It is important to note that via an FHA home loan interest rates have come in very close to conventional rates over the last several years but a specific lender will greatly determine any interest rate applied. It is also true that a credit score, home equity, and a debt to income ratio will greatly determine the interest rate that is applied to any home loan.
By doing research online many will find that there are free financial calculators that can help when it comes to better understanding how much money can be saved. The general rule of thumb is that homeowners should desire to save at least one full percentage point if they plan to fully benefit from the refinance process on June 14, 2011.
By not sending one full percentage point it is often true that closing costs will outweigh benefits. This is very unfortunate as homeowners would not want to go to several hours of submitting applications only to find that they cannot save any money. This is a good reason to start research well before contacting any mortgage lenders.
As we get closer to the summer of 2011 will be very interesting to see what happens with the 10 year treasury rate yield and the 30 year fixed mortgages. Since 1971 these two have had a very strong correlation and that will likely continue into the near future. With this in mind it may be wise to track the 10 year treasury rate yield to better understand where 30 year fixed mortgage rates are going.
Author: Alan Lake
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