Mortgage Interest Rates in June 2010 Very Close to Historic Lows

In June of 2010 many homeowners are sitting in a very good situation. At the present time mortgage interest rates are very close to historic lows with the 30 year fixed mortgage rate being quoted as low as 4.5%. What most homeowners do not realize is that not everyone will qualify for interest rates this low.

Many mortgage lenders are requiring a credit score above 740 and a large amount of equity in a specific home to have any opportunity to lock in to a mortgage refinance rate under 5% in the current economic environment. Unfortunately, many Americans do not have these requirements.

With this being the case some current and future homeowners will miss out on an opportunity to lock into mortgage interest rates under 5%. By using a mortgage calculator, that is likely available online, many homeowners will notice that refinancing or locking into a rate under 5% will offer very attractive monthly mortgage payments.

With a credit score being extremely important Americans may also want to check their credit history and make sure that it is free of errors. The government currently supports one free credit report each year from the website annualcreditreport.com. It may be a wise decision for homeowners to access this website and get their free annual credit report.

It will be very interesting to analyze mortgage refinance data in the next several months. With mortgage interest rates being very close to historic lows one would think that refinance activity would skyrocket. The opposite argument to that is that most people who have the ability to refinance have already done so.

Author: Andrew Jackson

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