Over the last few weeks we have seen the 10 year treasury rate yield dip all the way to 3.1% which in turn has pushed 30 year fixed mortgage rates under 4.5%. Many borrowers are seeking home mortgage refinance loan rates near historic lows as it allows them to save hundreds on a monthly mortgage payment.
Before going into any loan process it is important to remember that not everyone will qualify for the low interest rates being quoted. Capital One Bank, BB&T and HSBC are all quoting 30 year fixed interest rates under 5% but it takes a very impressive credit score and a low debt to income ratio to have any chance to lock in to these low rates.
With over 7000 FDIC insured financial institutions throughout the country it should not be overly difficult to find a bank that is willing to help. Almost every bank in American has some type of live chat or email answering service that should help Americans much better understand their options in May of 2011.
Rather than having to wait days and possibly even weeks for a return phone call it is now the case that customers can receive answers in a matter of seconds. This can save a significant amount of time and money when going through the research process. There are also many bank rating websites that should help customers pick out the banks that are right for them.
As we get closer to the summer of 2011 there is a very good chance that we could see 30 year fixed mortgage rates move higher. If the overall economy gets better and the unemployment rate drops well below 8% then most analysts feel that we will see mortgage rates move up through 5% and possibly towards 6%.
Author: Jeremy North
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