Home Mortgage Loan Rates – Refinance Interest Rates at 4.75% Today
Posted on | December 21, 2009 | No Comments
Home mortgage loan rates are well below 5% of the current time. The 30 year fixed mortgage rate is currently around 4.75%. If you are looking for refinance interest rates under 5% today then there are many options available for you. By simply doing some Google searches you are likely to find many mortgage lenders in your area that can help you refinance your mortgage interest rate below 5%.
It is very important to understand that you must have equity in your home and a decent credit score to get a low refinance rate. Many homeowners are going into lenders and hoping to refinance below 5% and finding out that the appraisal value on their home is much less than they thought it would be. This kills the possibility of a low interest rate refinance.
It might be a good idea to go ahead and get an appraisal just to see what your home is valued at. If your home has seen a huge drop in value over the last few years then you are either going to have to put much more money into your home or you are going to have to accept that the interest rate on your refinance will not be as well as you would like. Another option might be to just wait until home prices return to normal levels and then attempt to refinance.
Unfortunately, when home prices do return to normal levels there is a good chance that mortgage interest rates will not be as low as they currently are. The year 2009 will prove to be the lowest year for mortgage interest rates in the history of the housing market. The average for the 30 year fixed mortgage rate is very close to 5% for the entire year. This is a level in which most homeowners would do almost anything to refinance below.
Pres. Obama and his staff have worked very hard to keep interest rates low but no one knows how much longer it can last. The Federal Reserve Bank has bought a ridiculous amount of mortgage-backed securities and eventually they are going to have to start lightening up. This is likely to happen in March of 2010 so you might want to consider refinancing before the first quarter ends in 2010.
Author: Alan Lake
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