Compare Mortgage Interest Rates Today – Rates Below 5% for FHA, VA and …
Posted on | May 10, 2010 | Comments Off
With mortgage rates dropping many Americans are looking to compare mortgage interest rates today. At the present time we are seeing rates below 5% for FHA, VA and conventional mortgages on May 10, 2010. It is important to note that you must qualify for rates at this level.
Many Americans will desire to get a mortgage interest rate under 5% but it is very important to note that you will need a significant amount of home equity and a credit score above 740 to get a rate at this level. Many lenders have reported that mortgage interest rates on FHA mortgages are coming in very close to conventional mortgages.
It is important to understand an FHA mortgage will have insurance requirements. It is sometimes wise to take out a conventional mortgage rate that is slightly higher than an FHA mortgage rate because you will be able to avoid insurance obligations which could make your monthly mortgage payment lower.
There are many restrictions that come with a VA home loan and it is very wise to do your research before going through this process. You will likely find that most enlisted military personnel and veterans will easily qualify for a VA mortgage rate.
Author: Mike Garner