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Home Mortgage Loan Rates – Current Rates Still Low in November

Posted on | November 6, 2009 | No Comments

Home mortgage loan rates are still extremely low in early November.  Current 30 year fixed mortgage rates are around 4.95% which remains to be an attractive mortgage rate to most home owners.  If you have a mortgage rate that is a full percentage point higher than this level then you could stand to benefit from the home refinance process.

Your credit score will go a long way in determining what mortgage rate you get but if you have had decent credit throughout the recession you might find that a low mortgage rate is possible for you.  If you go through the mortgage application process and you will not save a full percentage point on your mortgage rate then it would not benefit you to complete the refinance process.

You are going to find that you will pay more in refinance costs then you are likely to save by refinancing to a rate that does not save you at least one full percentage point.  There are many no closing cost mortgage lenders out there but you will see that these lenders are going to offer you higher mortgage rates to offset the costs.

There are many mortgage lenders out there that will be more than happy to help you with the refinance process.  After the Making Home Affordable plan was created in March, mortgage lenders have been doing exactly as the government expects as they are loaning money to home owners and first time home buyers.  The incentives created by the government have definitely worked.

Many of these lenders have spent a great deal of money advertising current low mortgage rates.  Several lenders are actually advertising rates well under 5%.  There might be a chance that you cannot lock into a mortgage interest rate this low but you will never know until you actually go through the mortgage application process.

Please make sure to return to Subprime Blogger for all your mortgage and financial news. To stay up to date on the current state of finances make sure to bookmark the current news category below.

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Author: Sylvia Wayne

Category: Home Mortgage Loan Rates

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