Compare Mortgage Interest Rates Today – Refinance Bank VA and FHA Home Loans Stable Around 4.5% in July
Posted on | July 23, 2011 | Comments Off
On July 23rd, 2011 we are seeing the 10 year treasury rate yields slightly below 3% which in turn is keeping the 30 year fixed mortgage rate under 4.5%. With interest rates very close to all-time lows it should come as no surprise to see many hard-working American homeowners looking to compare mortgage interest rates today.
When looking for refinance bank VA and FHA home loan rates it is important for all Americans to remember that only the best borrowers of money will be able to receive the lowest interest rates possible. Unfortunately, some Americans have made poor financial decisions in the last several years as the overall economy has greatly struggle.
The general rule of thumb is that individuals need a credit score above 740 and the debt to income ratio is below 40% to have any opportunity to lock in rates below 5%. By not meeting these financial requirements and will likely be the case that some individuals see interest rates as high as 6% or more.
As we get closer to the fall of 2011 there is a very good chance that we could see 30 year fixed mortgage interest rates start to move higher. Unfortunately, as the overall economy improves and the unemployment rate drops it will likely be true that interest rates start to move much higher as the federal reserve bank no longer needs to make borrowing money cheap.
With this in mind it may be a good decision to start research sooner rather than later. Unfortunately, some Americans continue to procrastinate and wait in hopes of finding lower rates in the future. By continuing to wait there is a possibility that individuals could miss out on opportunities to save hundreds and possibly even thousands by refinancing at the present time.
Author: Jeremy North
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