Current Mortgage Rates
Sunday, September 07, 2008
You can refinance immediately. There is no waiting period. The new lender usually likes to see some sort of payment history on your current loan but you should still be able to refinance anyway, particularly if your credit is good. You may have to pay an application fee as well as the appropriate closing costs again.
People refinance their existing loans for a number of reasons including obtaining a lower interest rate, to save on monthly payments and to change the term of the loan. People also choose to refinance if they want to switch from an adjustable rate to a fixed rate or to consolidate debt by refinancing for a higher loan amount and using the difference to pay off other debt.
To see if it makes sense to refinance your loan, try to use a refinance calculator. There is a definite increase in the trend of refinancing more than once among homeowners today. It only makes sense that if something saved you money once and can save you money again, you should take advantage of it; and homeowners across the nation seem to be catching on. When should you refinance a second time? It's a personal choice and depends on a number of factors, but a safe rule of thumb to follow is to refinance when you can save one to two percent, or more off your current mortgage rate by doing so.
People refinance their existing loans for a number of reasons including obtaining a lower interest rate, to save on monthly payments and to change the term of the loan. People also choose to refinance if they want to switch from an adjustable rate to a fixed rate or to consolidate debt by refinancing for a higher loan amount and using the difference to pay off other debt.
To see if it makes sense to refinance your loan, try to use a refinance calculator. There is a definite increase in the trend of refinancing more than once among homeowners today. It only makes sense that if something saved you money once and can save you money again, you should take advantage of it; and homeowners across the nation seem to be catching on. When should you refinance a second time? It's a personal choice and depends on a number of factors, but a safe rule of thumb to follow is to refinance when you can save one to two percent, or more off your current mortgage rate by doing so.
Why is This Refinance 'Cash-Out'?
Mortgage Refinance with No Closing Cost
Should You Rescind Your Refinance?
How to refinance a loan for bad credit
No Cost Refinancing?
Mortgage Refinance with No Closing Cost
Should You Rescind Your Refinance?
How to refinance a loan for bad credit
No Cost Refinancing?
What is a Mortgage Refinance?
What is cash-out refinancing?
When Does Refinancing Really Pay?
Is a Refinancing a Good Deal if it Saves Money?
What Goes Into the Refinance Decision?
Does "No-Cost" Refinance Make Sense?
Should I Follow the APR on a Cash-Out Refinance?
Does Refinancing at a Higher Rate Ever Make Sense?
Refinance With Current Lender?
Refinancing into a Bigger Loan?
Why Won't My Refinance Go Through?
Should I Consolidate and How?
What is cash-out refinancing?
When Does Refinancing Really Pay?
Is a Refinancing a Good Deal if it Saves Money?
What Goes Into the Refinance Decision?
Does "No-Cost" Refinance Make Sense?
Should I Follow the APR on a Cash-Out Refinance?
Does Refinancing at a Higher Rate Ever Make Sense?
Refinance With Current Lender?
Refinancing into a Bigger Loan?
Why Won't My Refinance Go Through?
Should I Consolidate and How?
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Refinancing
- Does Refinancing at a Higher Rate Ever Make Sense
- Refinance With Current Lender
- Refinancing into a Bigger Loan
- Why Won't My Refinance Go Through
- Should I Consolidate, and How
- Does a Prior Refinance Affect This One
- Why is This Refinance 'Cash-Out'
- Mortgage Refinance No Closing Cost
- Should You Rescind Your Refinance
- How to refinance a loan for bad credit
- Second Mortgage
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- Current Mortgage Rates by State
Current Mortgage Rates*
Loan Type National Average |
|
| 30-yr. fixed | 6.38% |
| 30-yr. fixed jumbo | 7.00% |
| 15-yr. fixed | 5.88% |
| 15-yr. fixed jumbo | 6.50% |
| 7/1 ARM | 6.25% |
| 5/1 ARM | 6.00% |
| 3/1 ARM | 5.88% |
| 1-yr. ARM | 6.00% |
| 1-yr. LIBOR ARM | 5.50% |
| 10/1 ARM | 7.88% |
*Mortgage Rates Updated: 09/04/2008