Home Mortgage Loan Rates – Refinance 15 Year and 30 Year Fixed Rates Up Slowly but Still Low
Posted on | July 20, 2010 | Comments Off
Home mortgage loan rates saw an all-time low last week as the 15 year fixed mortgage rate was below 4% in the 30 year fixed rate was around 4.5%. Recently we have seen refinance rates move up slightly but they are still very low when looking at a historical chart of mortgage interest rates.
Over the last several months many Americans have had the opportunity to refinance to a level below 5%. It is important to note that these borrowers had a very good credit score and the debt to income ratio that was below 40%. Without these were choir message is very difficult to get low interest rates.
It is also important to remember that refinancing does include closing costs. A general rule of thumb is that borrowers must save at least one full percentage point to have any opportunity to save by refinancing today. When deciding how much money you will save it is important to calculate closing costs into the equation.
There are many mortgage lenders throughout the country that are currently advertising rates near all-time low levels. Just because the rates are being advertised at this level does not mean that all Americans will have the opportunity to lock in their rates this low. Only the best borrowers will have the opportunity to refinance below 5%.
Author: Jeremy North
Tags: 15 Year Mortgage Rates > 30 Year Mortgage Rates > Home Mortgage Loan Rates > home mortgage rates > loan rates > mortgage loan rates > mortgage rates > Refinance Rates