Today’s Lowest Mortgage Interest Rates – Refinance Fixed and Adjustable Interest Rates Still Below 5% for Well Qualified Homeowners
Posted on | January 27, 2011 | No Comments
When most homeowners look for today’s lowest mortgage interest rates they will likely find 30 year fixed rates as low as 4.7% while 15 year fixed rates are under 4%. The 5/1 ARM is around 3.25% but remember adjustable rates can be quite volatile at times. When looking to refinance a home loan it is also important to remember that there are closing costs involved.
Taking the time and effort to do research on home loan interest rates could save many quite a bit of extra cash. The general rule of thumb is that homeowners should desire to save a least one full percentage point as this will ensure savings in the near future to cover closings costs. There are many financial and mortgage calculators online that should help homeowners better understand this concept.
There are many major national mortgage lenders throughout the country including the big four banks of Bank of America, Chase, Citigroup and Wells Fargo. While these are the biggest lenders it is important to remember that there are many local and regional lenders that can offer great interest rates with wonderful customer service.
Each mortgage lender works best with a specific financial situation. With this being true it may be smart to contact several mortgage lenders to see which lender will work best for you. As we get deeper and deeper into 2011 there is a very good chance that we could start to see mortgage rates up due to an improved economy.
Federal Reserve Bank chairman Ben Bernanke has stated several times that mortgage rates could move much higher as we see growth in the economy. Unfortunately, it is nearly impossible to predict when the economy will pick up speed so it might be a good decision to lock in to low 30 year fixed mortgage rates while they are still under 5%.
Author: Heather Best
Tags: adjustable mortgage interest rates > home loan interest rates > mortgage interest rates today > today's lowest mortgage rates > todays fixed mortgage rates > todays refinance fixed rates
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