Mortgage rates rise for the week of April 21, 2104

Posted by  on Apr 28, 2014

While mortgage rates rise and fall on a daily basis due to a variety of factors, last week the economy showed signs indicating that rates will be rising as we head into the summer months. Average rates for a 30-year fixed-rate loan are anticipated to stay between 4.30 percent and 4.80 percent through mid-June. If you are interested in an adjustable rate mortgage, the average rates for a hybrid 5/1 ARM are expected to stay between 3.00 percent and 3.375 percent.

Our live database of current mortgage rates can help you find the best mortgage rates in your area.

Reasons to refinance

Since mortgage rates seem to be hovering in the same range over the next few months, rock-bottom interest rates won't serve as an enticement for refinancing as they did in 2013. However, there are multiple reasons why you still might want to consider refinancing.

·If you've paid down your balance since the last time you refinanced, you can lower your payments with even a slight decrease in interest rates because you'll be refinancing into a smaller loan.

·If your income has increased or other debts have been paid, you may be able to refinance into a shorter term now that your cash flow has eased. You'll save thousands in interest by switching to a 15-year loan and lenders also offer 10- and 20-year loans. Some allow you to create your own loan term.

·If you want to get cash out of your home, a cash-out refinance can be a good solution and may be easier to qualify for than a home equity loan.

Compare mortgage rates today and use a mortgage calculator can help you estimate your refinancing options.

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