Today’s Lowest FHA Mortgage Rates – Citibank, Wachovia and Fifth Third Bank See Interest Rates Increase on June 14
Posted on | June 14, 2011 | Comments Off
When seeking today’s Lowest FHA mortgage rates most homeowners are finding that 30 year rates have moved up on June 14, 2011. Some major mortgage lenders reporting higher rates include Citibank, Wachovia and Fifth Third Bank. It is important to note that these are three of the larger financial institutions in the country would definitely not the only option when it comes to locking in low FHA rates today.
We are currently seeing the 10 year treasury rate yield at 3.09% which is up drastically from yesterday. This move higher has pushed 30 year conventional fixed mortgage rates well above 4.25% as some mortgage lenders are reporting 30 year fixed conventional mortgage rates as high as 4.5%. It is important to note that this is still a very attractive level to many homeowners.
It is also important to recognize that there are insurance obligations with an FHA mortgage. Although these insurance obligations are not overly expensive it could be the case that customer save more money by taking out a conventional mortgage rate that is slightly higher. The conventional mortgage will allow individuals to avoid these insurance costs which could save a little bit of extra cash.
Luckily, there are many free mortgage calculators available online to help Americans better determine which mortgage is right for them. By accessing this information customers can crunch the numbers and select a mortgage type that will save them the most money in the long run.
Before making any major financial decision in one’s life is always a wise choice to use the resources available and expand one’s knowledge. Luckily, there are many resources on the Internet that should help Americans much better understand each and every step of the refinance process and how they can negotiate lower costs and fees.
Author: Heather Best
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