Today’s Lowest Mortgage Interest Rates – Higher 15 and 30 Year Home Loans Slow Refinance Activity This Week
Posted on | December 13, 2010 | No Comments
With the Christmas holiday less than two weeks away it is the case that many Americans are not thinking about personal finance issues such as their home loan but some Americans are looking for today’s lowest mortgage interest rates and finding that 30 year rates have moved up drastically. Higher 15 and 30 year fixed rates have caused refinance applications to drop.
At the present time we are seeing 15 year fixed mortgage rates around 4% and 30 year fixed mortgage rates around 4.75%. But the early part of November it was the case that 30 year fixed mortgage rates were all the way down at 4.0% so this has been a drastic move higher over the last couple weeks. Unfortunately, many homeowners may have missed out on opportunity to save quite a bit of extra cash.
Even though today’s lowest mortgage interest rates are not at 4% when it comes to the 30 year fixed mortgage there still opportunities to save. By doing a little bit of extra research and homework online almost all homeowners will find that their mortgage lender spread throughout the nation that can help them locked in the very attractive 30 year and 15 year fixed mortgage rates.
The general rule of thumb is that homeowners should save at least one full percentage point on a 30 year fixed mortgage to have any opportunity to save money. By not saving this one full percentage point it is often the case that closing costs outweigh benefits. This is not only a waste of money but it would also be a waste of time.
Luckily, there are many financial calculators available online to help homeowners better understand which mortgage type is best for specific financial situation. Many of these mortgage calculators will also help homeowners understand if refinancing is the correct decision in December of 2010. Sometimes it is smart to pass on an opportunity to refinance as there are other ways to save money.
Author: Mike Garner
Tags: 15 year fixed mortgage rates > 30 Year Fixed Mortgage Rates > home loan interest rates > mortgage interest loan rates > mortgage interest rates today > today's lowest mortgage interest rates
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