Home Mortgage Refinance Loan Rates – Fixed 15 and 30 Year Conventional Refinance Rates Remain Historically Low
Posted on | April 26, 2011 | Comments Off
As the Federal Reserve Bank ponders the possibility of more quantitative easing it is the case that home mortgage refinance loan rates remain near historical lows. The fixed 15 year conventional mortgage rate is very close to 4% while the 30 year fixed conventional mortgage rate is around 4.65%.
By looking at the historical chart of interest rates it is quite obvious that we are very close to all-time lows. With that being said there is a very good chance that interest rates could start to rise in the near future as the overall economy improves. Some analysts have predicted that as the unemployment rate drops in the stock market continues to rise that we could see 30 year fixed mortgage rates move through 5% and toward 6%.
With this in mind it may be a very wise choice to start research on the refinance process as soon as possible. By continuing to wait and hope that interest rates dropped to new all-time lows some Americans could miss out on an opportunity to save hundreds of dollars a month by reducing a home loan mortgage payment.
Luckily, there many free mortgage calculators available online that should help Americans better understand what interest rate is desirable. The general rule of thumb is that homeowners should seek an interest rate that is one full percentage point below their current rate to fully benefit from the refinance process in April or May of 2011.
By not achieving a rate as low it will likely be the case that customers see closing costs outweigh benefits. Although closing costs are negotiable is often true that one full percentage point must be saved in order to greatly benefit from refinancing. With this being the case it is always smart to contact several mortgage lenders and get a competitive interest rate as this could help save even more money.
Author: Jeremy North
Tags: conventional home loan rates > fixed home loan mortgage rates > fixed home loan rates > Home Mortgage Loan Rates > home mortgage refinance rates > refinance home loans