Compare Mortgage Interest Rates Today – Wells Fargo and Bank of America FHA and VA Home Loans Consistent on July 16
Posted on | July 16, 2011 | Comments Off
Over the last two weeks we have seen the 10 year treasury rate yield all over the map which in turn has caused great volatility in 30 year fixed mortgage rates. Today, July 16, 2011 we are seeing 30 year fixed mortgage rates around 4.35% which is that consistent over the last 48 hours. With this in mind many Americans are looking to compare mortgage interest rates today.
Taking the time and effort to do extensive research on many banks and financial institutions could prove to be greatly beneficial for those looking to save money. Wells Fargo and Bank of America are two of the largest financial institutions in the country but it is important to recognize that many other financial institutions offer VA and FHA home loans.
Most financial institutions are reporting that VA and FHA home loans are coming in very close to conventional home loans but it is important to recognize that a financial history will greatly determine the interest rate on any amount of money borrowed. The general rule of thumb is that individual should desire a credit score above 740 and a debt to income ratio below 40% to lock in the lowest rates.
By not meeting these financial requirements some borrowers will see interest rates much higher than the national average. By having a credit score below 650 and a debt to income ratio that is above 50% it should come as no surprise to see banks and financial institutions offering 30 year fixed mortgage rate several percentage points higher than the average.
With this in mind it is always a wise choice to pay down high interest rate debts to the best of one’s ability. Unfortunately, many Americans continue to live with a revolving credit card debt or personal loan debt which make it extremely difficult to get ahead when it comes to personal finances.
Author: Mike Garner
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