Community Bank of the Bay Refinance Mortgage Rates – Fixed 30 Year Home Loans Continue Lower in August 2011
Posted on | August 15, 2011 | Comments Off
As the 10 year treasury rate yield continues to struggle It comes as no surprise to see many California residents looking to refinance a home loan as soon as possible. Many of these residents will seek financial help from Community Bank of the Bay when it comes to locking in low refinance mortgage rates in August of 2011.
At the present time we are seeing fixed 30 year interest rates below 4.25% for the best borrowers of money. It is very important to recognize that not all Americans have the ability to lock into these low rates as it generally takes a credit score above 740 and a debt to income ratio that is well below 40%. By not meeting these financial requirements as is often the case that individuals will find it difficult to lock into low interest rates.
At the present time the FDIC insures over 250 financial institutions with headquarters in the state of California. This does not include all of the financial institutions with headquarters elsewhere that have branches within the state. With this in mind it may be a very wise decision to get several interest-rate quotes before deciding on a specific lender.
As we get closer to the fall of 2011 will be very interesting to see what happens with the 10 year treasury rate yield. Many feel as if the 10 year yield will bottom in the near future which will likely be a precursor to the very bottom for mortgage rates as well. Since 1971 the 10 year treasury rate yield at a 30 year fixed mortgage have had a very strong correlation.
When going into the refinance process it is always a wise choice to make certain that extra money is available to cover closing costs. If individuals do not have any extra money that it may be a wise choice to consider saving up a little bit of extra cash before making this major financial decision.
Author: Jeremy North
Tags: bank of the bay refinance rates > california refinance mortgage rates > community bank of the bay rates > fixed bank refinance rates > fixed home loan interest rates > fixed home loan rates