30 Year Fixed Mortgage Rates – Conventional Mortgage Interest Rates Stable
Posted on | February 24, 2010 | No Comments
The average for 30 year fixed mortgage rates has been quite low for the entire year of 2010. Conventional mortgage interest rates have been between 4.7% and 5% for the entire year. In the month of February we have seen this continue as 30 year fixed rates are currently at 4.88%.
With mortgage rates being so low many homeowners have had opportunities to refinance and save a significant amount of money. Some of these homeowners are saving over hundreds of dollars a month on their mortgage payments. You do not want to miss out on this opportunity if you have a chance to get at low refinance rate.
It is very important to understand that your home equity and your credit score will greatly determine your refinance rate. If you have very little equity in your home and a bad credit score then you are not going to find refinance rates anywhere near the 5% level you are seeing advertised.
It will be a wise decision to purchase a credit score so you know exactly where you stand when it comes to your credit report. If you have a credit score above 740 and you have equity in your home there’s a good opportunity for you to refinance to a 30 year fixed mortgage rate around 5%.
Author: Heather Best
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