Today’s Lowest Mortgage Interest Rates – Current Refinance 30 and 15 Year Home Loans Under 5%
Posted on | January 25, 2011 | No Comments
Prior to the credit crisis it was unheard of to find 30 or 15 year fixed mortgage rate under 5% for such an extended period of time. With many Americans looking for today’s lowest mortgage interest rates they will likely find that both 30 and 15 year fixed rate are under this 5% barrier. Current 30 year fixed mortgage rates are around 4.75% of 15 year fixed mortgage rates are around 4%.
The federal reserve bank is done everything necessary to keep interest rates very low since the beginning of the “Great Recession.” With this being the case many homeowners have had the opportunity to save quite a bit of extra cash by going to the refinance process. Some homeowners have ended up saving hundreds of dollars a month on the mortgage payment.
As we get deeper and deeper into 2011 it could be the case that homeowners find that mortgage rates start to move higher. Many analysts have predicted that the overall economy is going to improve in 2011 which likely means that we will see 30 year fixed mortgage rates above 5% and possibly above 6%.
With this in mind it may be wise to take advantage of currently low 30 and 15 year fixed refinance rates. Remember that there are closing costs involved in the refinance process or the general rule of thumb is that homeowners should save at least one full percentage point to fully benefit from this refinance process during the early part of 2011.
Taking time to do research and complete due diligence online could prove to be greatly important when it comes to locking in the lowest possible rates. Remember that it takes a very impressive credit score and a low debt to income ratio to qualify for today’s lowest mortgage interest rates. By making strong financial decisions in the past many will be rewarded in the future.
Author: Mike Garner
Tags: 2011 mortgage interest rates > current 15 year fixed rates > current 30 year fixed rates > current mortgage interest rates > lowest mortgage interest rates > today's lowest mortgage rates
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