Today’s Lowest Mortgage Interest Rates – Fixed Home Loan Rates Still Low
Posted on | January 27, 2010 | No Comments
Today’s lowest mortgage interest rates are around 4.84% for the 30 year fixed rate mortgage and 4.26% for the 15 year fixed rate mortgage. Conventional fixed home loan rates remain low even when many analysts have predicted higher overall interest rates in the near future. WIth mortgage rates still below 5% now is one of the best times ever to lock in to a low mortgage rate.
It is important that you understand that each situation is unique and not everyone has the ability to lock into mortgage rates under 5%. If you have missed bill payments in the past and you have seen your credit score drop then you can expect your mortgage rate to be higher than the advertised 4.85%. If you are under water in your home or have little equity in your home you can also expect a higher mortgage rate.
The only way you will get a 100% accurate rate quote is to submit a mortgage application. Once you have submitted an application you will be able to better determine what your monthly mortgage payments will be. Once you have figured this out you can use one of the many mortgage calculators available online to assist you in seeing how much you can save by refinancing or locking into a low mortgage rate today.
There are many mortgage lenders who are advertising low mortgage interest rates so it would be wise to contact these lenders and see if they have any incentives for you to become a new customer. Make sure that you understand that if they do give you a rate quote it will just be an estimate if you have not filled out a mortgage application.
Author: Alan Lake
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