Current Mortgage Rates

Saturday, March 20, 2010



The most likely -- and most frustrating -- reason could be because of the lender. Many people, when they decide to refinance, go to the lender that's servicing their existing mortgage. It may be the easiest refinancing option, but it can also take longer than refinancing with another lender. Because the lender already has your business, you're not a high priority. That will be especially true if you're refinancing to get a lower interest rate, which means the lender will lose money.

Tips on Refinancing Your Home Mortgage
  1. Apply for a pre-approval to many different lenders to make sure you are getting the lowest rate possible.
  2. Make sure that your original mortgage does not have a pre-payment penalty or early payoff penalty of any kind.
  3. When evaluating different lender offers, in the mortgage loan pre-approval process, pay closest attention to the interest rates they are offering & the closing costs.
  4. Get your interest rate and closing costs in writing as soon as you decide on a lender to work with.





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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed5.25%
30-yr. fixed jumbo5.50%
15-yr. fixed4.38%
15-yr. fixed jumbo4.88%
7/1 ARM4.12%
5/1 ARM4.12%
3/1 ARM4.25%
1-yr. ARM2.88%
1-yr. LIBOR ARM4.50%
10/1 ARM4.75%
*Mortgage Rates Updated: 03/19/2010