Mortgage Interest Rates Regain The Low Mark Set Last May
Average Current Mortgage Rates
Each week, Freddie Mac publishes its survey of mortgage lenders and the interest rates they are charging. This survey, called Freddie Mac's Primary Mortgage Market Survey or PMMS, is one of the best places to go for good information on current mortgage rates. There seems to be a lot of misleading information circulating, so check with the Freddie Mac PMMS for a reliable snapshot of the mortgage market. As of November 19, 2009, the average 30 year fixed conforming mortgage interest rate was 4.83% with 0.7% points. The current 15 year fixed conforming mortgage interest rate was 4.32% with 0.6% points. This is the lowest that mortgage interest rates have been since May 21, 2009.
Refinancing Opportunities May Come to an End in March
Each time mortgage interest rates dip below 5.0%, it spurs refinancing opportunities. Locking an interest rate on a refinance now is highly advised. Refinancing opportunities may be coming to an end soon because the Federal Reserve is scheduled to terminate its mortgage-backed securities purchase program in March 2010. Analysts are projecting 30 year fixed rate mortgages will then go closer to 6%. Waiting any longer to refinance will likely end in a missed opportunity.
Top Five Reasons to Refinance
- Improve cash flow by reducing the monthly mortgage payment.
- Lower the amount of interest paid over the life of the loan.
- Fix a risky adjustable rate mortgage (ARM).
- Cash out equity to pay off high interest debts.
- Consolidate a first and second mortgage into one payment.
Get a Mortgage Quote for a Refinance Online
Find the best mortgage lenders and get the best mortgage rates online. An online search is the easiest method because it allows you to research your options at your convenience without driving around town using precious gas.
