Current Mortgage Rates
Saturday, November 21, 2009
You probably already know qualifying for a lower rate when mortgage refinancing will save you money; however, do you know how much you'll save? Even if you only qualify for a quarter point lower interest rate you can still save a boatload of cash over the lifetime of your mortgage. One factor that affects your interest rate when mortgage refinancing is the term length you choose. Mortgage refinancing with a shorter term length will get you a lower rate than a traditional 30 year mortgage.
Loans with 15 year terms are a popular choice when mortgage refinancing. You can improve the mortgage rate your lender qualifies you by cleaning up your credit and paying down your debts. Some people refinance as a way of taking advantage of lower interest rates, enabling them to reduce their monthly mortgage payments. Some refinance to a shorter-term mortgage, which enables them to build equity in their homes faster. And some homeowners refinance to tap into the equity they've accumulated in their houses, using the funds for home improvement or other needs, such as debt consolidation or their children's education. Just how low should rates be for you to consider refinancing? If it's a percentage point or more lower than what you have. Also, you've struck a great deal if you're able to recoup refinance charges within 14 months.
When shopping for a mortgage you should probably follow the five guidelines below:
Loans with 15 year terms are a popular choice when mortgage refinancing. You can improve the mortgage rate your lender qualifies you by cleaning up your credit and paying down your debts. Some people refinance as a way of taking advantage of lower interest rates, enabling them to reduce their monthly mortgage payments. Some refinance to a shorter-term mortgage, which enables them to build equity in their homes faster. And some homeowners refinance to tap into the equity they've accumulated in their houses, using the funds for home improvement or other needs, such as debt consolidation or their children's education. Just how low should rates be for you to consider refinancing? If it's a percentage point or more lower than what you have. Also, you've struck a great deal if you're able to recoup refinance charges within 14 months.
When shopping for a mortgage you should probably follow the five guidelines below:
- Talk to a real estate agent or broker. Lenders regularly call agents to alert them to new financing arrangements and packages.
- Look for rate surveys published in your local newspaper. Many papers provide brief tables on interest rates and mortgage availability.
- Shop for quotes by telephone. Call at least five to 10 different lenders for rates and terms on fixed- and adjustable-rate loans.
- Try computerized mortgage shopping and online services.
- Evaluate the annual percentage rate. This figure includes discount points and other charges and spreads over the life of the loan. It indicates the effective rate of interest paid per year.
Where and How to Research Refinance Rates
What are Rate & Terms for Refinancing Rates
Where to find Buy Down Mortgage Rates
Negotiate for the Lowest Mortgage Rate Possible
All about Cash Out Refinance Rates
What are Rate & Terms for Refinancing Rates
Where to find Buy Down Mortgage Rates
Negotiate for the Lowest Mortgage Rate Possible
All about Cash Out Refinance Rates
Finding out Refinancing Rates for Mobile Homes
What is the Mortgage Interest Rate?
What Determines the Interest Rate?
What is the reason behind interest rates rising and falling all the time?
What is APR?
Does the APR Help?
Find out the Current Refinance Rate
What is the Mortgage Interest Rate?
What Determines the Interest Rate?
What is the reason behind interest rates rising and falling all the time?
What is APR?
Does the APR Help?
Find out the Current Refinance Rate
Get Current Mortgage Rates
From Top Lenders
Mortgage Resources
- Adjustable Rate Mortgages
- Bad Credit Mortgages
- Bankruptcy
- Better Money Management
- Buying a House
- Credit Card Debt
- Debt Consolidation
- Debt Negotiation
- Home Equity Loan
-
Interest Rates
- What Determines the Interest Rate
- Reasons behind interest rates rising and falling
- What is APR
- Does the APR Help
- Find out the Current Refinance Rate
- What is the Optimal Way to Lower Mortgage Rates
- Where and How to Research Refinance Rates
- What are Rate & Terms for Refinancing Rates
- Where to find Buy Down Mortgage Rates
- Negotiate for the Lowest Mortgage Rate Possible
- Locking the Rates
- Managing the Mortgage
- Mortgage Application
- Mortgage Calculators
- Mortgage Insurances
- Mortgage Payments
- Mortgage Qualification
- Mortgage Taxes
- Refinancing
- Second Mortgage
- Selecting a Loan Provider
- Selecting the Mortgage Features
- Selecting the Mortgage Type
- Shopping for a Mortgage
- Tips and Advice
- Current Mortgage Rates by State
Current Mortgage Rates*
Loan Type National Average |
|
| 30-yr. fixed | 4.75% |
| 30-yr. fixed jumbo | 5.25% |
| 15-yr. fixed | 4.25% |
| 15-yr. fixed jumbo | 4.75% |
| 7/1 ARM | 4.38% |
| 5/1 ARM | 4.00% |
| 3/1 ARM | 4.00% |
| 1-yr. ARM | 3.75% |
| 1-yr. LIBOR ARM | 4.38% |
| 10/1 ARM | 4.62% |
*Mortgage Rates Updated: 11/21/2009