Compare Mortgage Interest Rates – 30 Year and 15 Year Fixed Rates Low
Posted on | January 28, 2010 | No Comments
Many current and future homeowners will look to compare mortgage interest rates today. At the present time both the 30 year and 15 year fixed mortgage rates are at very low levels. The 30 year fixed mortgage rate is around 4.82% while the 15 year fixed mortgage rate is around 4.26%. When looking at the history of mortgage rates you will see that these levels are extremely low.
If you are looking to refinance your current home loan now might be as good a time as ever. Many analysts have predicted that mortgage interest rates are likely to rise starting in the spring of 2010; that may be sooner than you imagined. The Federal Reserve is going to stop buying mortgage-backed securities at the end of March of 2010 which is likely to push mortgage rates higher.
If the Fed does in fact conclude this program by the end of March there’s a good possibility we will see 30 year fixed mortgage rates move up as much as one full percentage point. That would mean that you would see 30 year fixed rates around 6%. You do not want to miss out on the opportunity to refinance below 5% so you may want to take action today.
There are many mortgage lenders who are currently advertising 30 year fixed rates well below 5%. It is important to understand that not all homeowners are going to qualify for a mortgage interest rate at this level. You must have a significant amount of equity in your home and a credit score that is above 740 to have any opportunities at rates under 5%.
Author: Mike Garner
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