Compare Mortgage Interest Rates – Save Cash with Lower Mortgage Payments
Posted on | March 15, 2010 | No Comments
Many current and future homeowners will look to compare mortgage interest rates today. There are many opportunities to save cash with lower mortgage payments so it should come as no surprise that many people are looking to take the necessary steps to refinance today or lock in to a low mortgage rate.
At the present time we are seeing the 30 year fixed mortgage rate around 4.75% while the 15 year fixed mortgage rate is around 4.25%. When looking at historical data of mortgage rates you can see that these rates are close to all-time lows. It is important to note that data has only been collected since 1971.
It is also very important to understand that you will need a significant amount of equity in your home and a very good credit score to have the ability to lock into a 30 year fixed mortgage rate under 5%. If you are underwater in your home or have very little equity it could cause problems in the refinance process.
It is also imperative that you have a credit score is well above 740. If you find that your credit score has been downtrending over the last six months you can also find great difficulty getting a low refinance rate.
Author: Mike Garner
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