30 Year Fixed Mortgage Rates – Refinance or Lock in to Rates Below 5% Today
Posted on | February 19, 2010 | No Comments
The average for 30 year fixed mortgage rates has been very low for the entire year. There is a very good chance that you could refinance or lock in to rates below 5% today. By simply doing your research you are likely to find that there are many mortgage lenders that are offering mortgage rates below the 5% mark.
Before you make the assumption that you will qualify for mortgage rates this low it is important to note that you will need a very good credit score and a significant amount of equity in your home. If you do not have these two requirements then you are not going to get a refinance rate anywhere near 5%.
By simply contacting a mortgage lender and going to the preapproval process you will better understand what interest rate you will qualify for. It is encouraged that you actually submit a mortgage refinance application to get a 100% accurate rate quote so the bank can go through the appraisal process.
With 30 year fixed mortgage rates being near all-time lows there is no reason that you should not consider research on the refinance process. There are many free resources available online so there’s no reason that you should go into this process without it firm understanding of what will happen.
Author: Alan Lake
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