Mortgage Rates Today Make Refinancing Worth While

Loan Type Purchase Refinance	Location by State by Zip Code	Loan Amt $

3.139% APR

15 Yr. Fixed

2.500% Rate

$1,046 / month (est)

Updated 5/24/2013

Loan Product	APR	Rate	Points	Fees	Lock	Monthly Payment
15 Yr. Fixed	3.139%	2.500%	3.625	$1125	30	$1,046
15 Yr. Fixed	3.154%	2.625%	2.875	$1125	30	$1,047
15 Yr. Fixed	3.187%	2.750%	2.25	$1125	30	$1,049
15 Yr. Fixed	3.202%	2.875%	1.5	$1125	30	$1,051
15 Yr. Fixed	3.236%	3.000%	0.875	$1125	30	$1,053
15 Yr. Fixed	3.270%	3.125%	0.25	$1125	30	$1,055
FHA 15 Yr.	2.773%	2.250%	3.625	$0	30	$1,020
FHA 15 Yr.	2.826%	2.375%	3.125	$0	30	$1,023
FHA 15 Yr.	2.879%	2.500%	2.625	$0	30	$1,027
FHA 15 Yr.	2.950%	2.625%	2.25	$0	30	$1,032
FHA 15 Yr.	2.804%	2.750%	0.375	$0	30	$1,022
FHA 15 Yr.	2.875%	2.875%	0	$0	30	$1,027

Competitive rates and no hidden fees
One dedicated mortgage banker from first call to closing
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3.230% APR

15 Yr. Fixed

2.750% Rate

$1,053 / month (est)

Updated 5/24/2013

Loan Product	APR	Rate	Points	Fees	Lock	Monthly Payment
15 Yr. Fixed	3.230%	2.750%	2	$1932	45	$1,053
15 Yr. Fixed	3.299%	2.990%	1	$1682	45	$1,058
15 Yr. Fixed	3.413%	3.250%	0	$1682	45	$1,066

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Rates continue to be at historic lows!

2.911% APR

15 Yr. Fixed

2.500% Rate

$1,029 / month (est)

Updated 5/24/2013

Loan Product	APR	Rate	Points	Fees	Lock	Monthly Payment
15 Yr. Fixed	2.911%	2.500%	1.515	$1995	30	$1,029
15 Yr. Fixed	2.893%	2.625%	0.531	$1995	30	$1,028
15 Yr. Fixed	3.067%	2.875%	0	$1995	30	$1,041

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3.045% APR

15 Yr. Fixed

2.625% Rate

$1,039 / month (est)

Updated 5/24/2013

Loan Product	APR	Rate	Points	Fees	Lock	Monthly Payment
15 Yr. Fixed	3.045%	2.625%	2	$1345	30	$1,039
15 Yr. Fixed	3.150%	2.875%	1	$1345	30	$1,047
15 Yr. Fixed	3.255%	3.125%	0	$1345	30	$1,054
FHA 15 Yr.	3.045%	2.625%	2	$1345	30	$1,039
FHA 15 Yr.	3.150%	2.875%	1	$1345	30	$1,047
FHA 15 Yr.	3.255%	3.125%	0	$1345	30	$1,054

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The advertised rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the quotes. More Info.. These quotes are from banks, thrifts and brokers who have paid for a link to their website in the listings above and you can find additional information about their loan programs on their websites.

Mortgage Rates Today Make Refinancing Worth While

0 comments on this article Posted by James Leonard in Mortgage Rates Today on November 26th, 2011 , tagged with Mortgage Rates Today Make Refinancing Worth While.

Mortgage Rates Today

Mortgage rates today make refinancing your home mortgage loan worth while if the current mortgage rate on your home loan is at least 1.00% higher than today’s mortgage rates. Right now 30 year mortgage rates are around 4.00% so if you have a home loan with a mortgage rate at 5.00% or higher refinancing will save you money.

Better yet if you feel you can refinancing from a 30 year mortgage to a 15 year mortgage current mortgage rate on 15 year home loans are even lower than 30 year mortgage rates. Right now you can secure a 15 year mortgage rate 3.25%. If you have a 30 year loan at a higher rate as compared with today’s mortgage rates you’re monthly mortgage payments might not even go up that much.

Dont’ know what home equity means? Home equity is the dollar value difference between the balance you owe on your mortgage loan and the value of your home. Example: Your home is worth $500,000, you owe $400,000 on your home loan, the equity in your home is $100,000.

Of course there are other factors that come into play, the main factor being do you have enough equity in your home to refinance. Most lenders require at least 20 equity which means you can’t borrow more than 80% of your homes value.

You can find lenders that are will to go higher than 80% so when you’re shopping around and comparing mortgage rates currently available ask what loan to value they are going up to. If you’re not taking any cash out of your home when refinancing you might find a lender going up to 90% or more.

There is also a government program called Making Home Affordable which allows homeowners to refinance a loan held by Freddie Mac or Fannie Mae with a lot higher Loan To Value (LTV) ratio. Here is a Making Home Affordable video which is explains some of the program:

If you do have enough equity in your home you might choose to refinance, and take cash out to remodel your home, payoff credit cards or pay for your son or daughter college education. If you take cash out to pay for other things realize that you will pay interest on the additional cash you take out. Since mortgage rates are so low right now the interest rate you pay on the mortgage will probably be less than a credit card rate or any other loan rate.

Remember that, along with the potential benefits to refinancing, there are also costs when you refinance even with lower mortgage rates. Yes, mortgage rates today have fallen to record lows when you refinance for an amount greater than what you owe on your home. You can receive the difference in a cash payment this is called a cash-out refinancing. But regardless you could shop the lowest mortgage rates currently available.

One of the drawbacks to refinancing is the mortgage settlement costs (closing costs) you have to pay. If you plan to stay in your home or a long while the costs you pay at closing can be regained in interest saving.

To sum-up refinancing only makes sense if the mortgage rate on your current home loan is at lest 1.00% higher than mortgage rates today. In addtion, if you are planning on refinancing make sure you’re not planning on selling your home in a couple of years because you won’t make up the closing costs you have to pay in interest savings in 2 years or less. Shop around and compare mortgage rates to get the best mortgage rate possible.