Home Mortgage Refinance Loan Rates – Fixed and Adjustable Interest Rates Move Higher into Thanksgiving
Posted on | November 18, 2010 | No Comments
Home refinance loan rates have been near historical lows for well over a year now but we are currently seeing fixed and adjustable interest rates move higher as we head into Thanksgiving. It is currently the case that the 30 year fixed conventional mortgage rate has moved up from 4% to 4.35% in just over one week.
Even though mortgage rates have moved slightly higher it is still the case that many American homeowners will benefit from the current low interest rate environment. Luckily, there are many mortgage calculators available online to help these home owners better understand just how much money they can save by going to the refinance process.
It is important to remember that there are closing costs involved in the home mortgage refinance process so it is generally the case that homeowners should save at least one full percentage point to save by refinancing. By not saving this one full percentage point it is often the case the closing costs outweigh the benefits of them slightly lower mortgage rate.
Over the last several months it has been the case that the number of refinance mortgage applications have greatly outweighed the number of first-time home buyer applications. This comes as no surprise as many first-time home buyers sit on the sidelines and wait for government incentives such as another first-time home buyer tax credit.
Unfortunately, it looks as if there will be no more government incentives when it comes to tax credits so that may be the case that first-time homebuyers need to see home prices increased for several consecutive months. This is not happen for quite some time as many markets continue to remain stagnant or actually declined. When housing prices increase would likely see more Americans looking to purchase a new home.
Author: Jeremy North
Tags: adjustable mortgage interest rates > fixed mortgage interest rates > fixed mortgage loan rates > Home Mortgage Loan Rates > home mortgage refinance ratse > mortgage home interest rates
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