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30 Year Fixed Mortgage Rates – 4.77% to Refinance Today

Posted on | November 9, 2009 | No Comments

Current conventional 30 year fixed mortgage rates are at 4.77%. Now is one of the best times in history to refinance as these low mortgage rates are not likely to remain for an extensive period of time. The federal reserve bank is going to stop buying mortgage-backed securities after March of 2010 and this is likely to move mortgage interest rates higher. You do not want to wait for mortgage rates to move higher before you go to the refinance process.

Average 30 year fixed mortgage rates have been below 5% for quite some time. At the beginning of September we sell mortgage interest rates move below 5% and then get to move above this level. There have been tests of the 5% level but is not been the case that we have seen any significant moves from breach this level. With this being the case many homeowners have refinanced a great rates.

If you have yet to refinance under 5% now might be the time to take action. If your mortgage application has been sitting on the counter now is the time to get started so you can lock in low rates today. There’s a good chance that you could save hundreds of dollars a month by refinancing at a lower mortgage rate. Many homeowners currently have mortgage rates much higher than 5% so they stand to benefit greatly.

It should not be difficult to find mortgage lenders out there who are offering these low mortgage rates. Their advertisements all over the Internet and television that are displaying mortgage interest rates under 5%. It is your responsibility to get out there find these companies and decide which one will work best for you to refinance your current home loan.

If you continue to wait and hope that mortgage rates are going to go lower you are taking a huge risk. Now that the Federal Reserve has stopped buying US treasuries there’s a good chance that we could see a move higher in treasury yields which in turn would push mortgage rates up as well.  In May we saw mortgage rates move up .75% in one week, you do not want this to happen now while you are in the refinance process.

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Author: Mike Garner

Category: 30 Year Fixed Mortgage Rates

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