Fixed Rate Refinance Today – Home Mortgage Loan Rates at 4.9% in January
Posted on | January 29, 2010 | No Comments
Getting a fixed rate refinance today could save you a significant amount of money in the future. At the present time home mortgage loan rates are around 4.9% on the 30 year fixed rate mortgage. This is extremely low when you’re looking at mortgage rates from a historical perspective. We have never seen rates below 5% for such an extended period of time.
With mortgage interest rates being a slow it is very important that you analyze your options and make the correct decision. It is important to understand that not everyone is going to get a refinance rate around 4.9%. If you do not have a significant amount of equity in your home and you do not have a good credit score you are not going to get a refinance rate this low.
Just because you cannot get the lowest possible rates it does not mean that you will not benefit from refinancing today. If you can save one full percentage point on your mortgage interest rate then you are likely to benefit in the near future. By saving this full percentage point you will cover closing costs and save money within the next year.
There are many mortgage calculators available online that can help you determine just how much money you are to save on monthly payments. It is important to make sure to put the closing costs into your equation when trying to figure out how much money you are going to save in the long run.
Author: Alan Lake
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