Today’s Lowest Mortgage Refinance Rates – Interest Rates at Wachovia, Countrywide and PNC Drop in August 2011
Posted on | August 18, 2011 | Comments Off
When seeking today’s lowest mortgage refinance rates most Americans are finding that interest rates are very close to all-time lows. Some individuals with a very impressive credit history have had the opportunity to lock into 30 year fixed mortgage rates that are under 4.25%.
When looking for some of the lowest interest rates many individuals look to regional banks such as Wachovia, Countrywide and PNC. While these are some of the largest regional banks in the country it is very important to recognize that there are over 7000 FDIC insured financial institutions throughout the country so there are many options in August of 2011.
The general rule of thumb is that individuals must have a credit score that is above 740, a significant amount of home equity, and a very low debt to income ratio below 40% to have any opportunity to lock in to the lowest mortgage interest rates today. By not meeting the financial requirements many individuals will likely find that they are offered higher loan rates at the present time.
When looking for a lender is always a wise choice to remember that closing costs can greatly outweigh benefits. Luckily, there many free mortgage calculators available online that should help individuals much better understand what interest rate is desired to save money at the present time. The general rule of thumb is that most people should desire to save at least one full percentage point to cover closing costs.
As we get closer to the fall of 2011 will be very interesting to see what happens with the 10 year treasury rate yield. The 10 year treasury rate yield of a 30 year fixed mortgage of had a very strong correlation since 1971 and if the 10 year yield continues to drop and there is very little doubt that we will see 30 year fixed mortgage interest rates plummet below 4%. This will definitely help individuals when it comes to refinancing.
Author: Mike Garner
Tags: countrywide mortgage refinance rates > home loan mortgage rates > lowest home loan rates > lowest mortgage interest rates > today's lowest mortgage rates > wachovia mortgage refinance rates