Today’s Lowest Mortgage Interest Rates – 30 and 15 Year Home Loans Dip to Multi Week Lows on December 20
Posted on | December 20, 2010 | No Comments
Today’s lowest mortgage interest rates have dropped a multi-week lows as both a 30 year and 15 year fixed mortgage have come back to more moderate levels after a huge move higher last week. 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 4.05%.
Taking advantage of these low rates could help many Americans save quite a bit of extra cash heading into 2011. Although December is usually a very slow month when it comes to mortgage activity there is still opportunities to save money by doing a little bit of extra research and homework before January of 2011.
The general rule of thumb is that homeowners should save at least one full percentage point to fully benefit from the refinance process. There are many free mortgage and financial calculators available online to help home owners better understand if refinancing is right for specific financial situation. If refinancing is not the right decision there may be an opportunity to get a home loan modification.
President Obama and his staff have worked very hard to help Americans stay in their home and avoid foreclosure through the Making Home Affordable home loan modification plan. It may be a wise decision to do a little bit of extra research on this opportunity as millions of homeowners could end up reducing their monthly mortgage payments and avoiding foreclosure.
As we get closer and closer to 2011 it will likely be the case that many Americans are considering new years resolutions related to personal finances. Each and every year the number of mortgage applications increases in January and February partly due to this newfound resolution. It will be interesting to see if this happens again in 2011 at mortgage rates continued to move higher.
Author: Tiffany Mann
Tags: 15 year fixed mortgage rates > 30 Year Fixed Mortgage Rates > home loan interest rates > lowest mortgage interest rates > mortgage interest rates today > today's lowest mortgage interest rates
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