Compare Mortgage Interest Rates Today – FHA and VA Rates at Bank of America, Citi and Chase Below 2011 Average
Posted on | July 19, 2011 | Comments Off
With 30 year fixed mortgage rates around 4.35% nationwide it comes as little surprise to see many hard-working Americans looking to compare mortgage interest rates today. Both VA and FHA home loan interest rates at Bank of America, Citi and Chase or below the 2011 averages the 10 year treasury rate yield is under 3%.
It is very important for all homeowners to recognize that it takes an amazing financial history to have any opportunity to lock into the lowest mortgage interest rates today. If individuals do not have a credit score above 740, a significant amount of home equity, and a very low debt to income ratio below 40% it is nearly impossible to walk in to the lowest VA or FHA home loan interest rates.
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, some Americans made very poor financial decisions over the last several years which could make it nearly impossible to walk in to the lowest rates at the present time. By paying down these bad financial decisions some individuals could save a significant amount with a lower monthly mortgage payment.
Remember that Bank of America, Chase and Citi are three of the largest financial institutions in the nation but definitely not the only option when it comes to locking in low interest rates. With over 7000 FDIC insured financial institutions throughout the country it would be wise for individuals to do extensive research before making a final decision.
As we get closer to the fall of 2011 there is a very strong possibility that the economy could drastically improve. If the economy improves and the unemployment rate drops and there’s a good chance we could see interest rates start to move up. In fact, some analysts have stated that they feel as if mortgage rates will move up to 5% sometime in the near future.
Author: Jeremy North
Tags: bank of america fha > bank of america va > compare home loan rates > compare mortgage interest rates > fixed fha home loans > fixed va home loans > home loan interest rates