Compare Mortgage Interest Rates Today – Loan Rates Mixed on March 11
Posted on | March 11, 2010 | No Comments
Many future and current homeowners look to compare mortgage interest rates on a daily basis. At the present time we are seeing loan rates mixed on March 11th as the 30 year fixed mortgage rate is up to 4.8% while the 15 year fixed mortgage rate is down to 4.15%.
Please understand that these are average mortgage rates for borrowers to qualify. If you have very little equity in your home and your credit score has dropped over the last several months you’re probably not going to qualify for mortgage rates this low.
It is very important that you have a credit score above 740 and a large amount of equity in your home if you want to be truly confident in a low refinance rate. Without these requirements there is a possibility that you are going to qualify for a higher rate that may not even benefit your current financial situation.
The general rule of thumb is that you must save at least one full percentage point on your home loan rate to benefit from refinancing. By saving this one full percentage point you will end up covering the closing costs and seeing a significant savings in your monthly mortgage payment in the very near future.
Author: Heather Best
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