Current Interest Rate Trends
The trends for mortgage refinance rates are in a word: low. And they seem to be holding steady. Mortgages at 30-year fixed rates are running about five and a quarter percent and this trend has been steady for several weeks. Fifteen-year fixed rate mortgages are being offered at rates of less than five percent, while adjustable rate mortgage rates are slightly over 5%. This is due largely to the prime interest rate, which has been decreasing.
As far as people applying for new mortgages, this activity has generally been increasing. Many feel that this could be due to the government?s ?Making Home Affordable? package and the greater overall economic stimulus package. Many homeowners are choosing to refinance, but fewer than expected are applying for loans on new homes.
The price of real estate has not yet recovered.
Values continue to be less than the peaks seen in previous years. There is a positive in the news, however, in that the declines are less steep. Only the Phoenix metro area is still reporting an increasing decline in home values.
Refinance Preparation
Before you start the process of refinancing, you will find it much easier to get the lowest mortgage refinance rates if you follow these tips.
Start with your credit score. Contact at least one of the credit bureaus that report your information to the lending institution: TransUnion, Equifax, or Experian. Have you applied for financing recently and been denied? Then you can request your credit report from any of these bureaus and receive it for a free. Otherwise, you are required to pay a small fee.
After you have received your credit report, look it over carefully.
Ensure that all the information on it is correct and belongs to you. If you have any bills that have been outstanding for a long time, you may want to pay them off before you apply for a refinance. This will help your credit score rise ? and the highest scores get the lowest interest rates.
Take the time to look online for a current listing of interest rates in your area. It is easy to find both the lowest and highest mortgage refinance rates and use this information to help you decide if you are getting a good deal from a lending institution. But remember that someone who has a lower debt-to-income ratio than you, or has more equity in their home, will benefit from receiving the very lowest interest rate.
Get your paperwork together before you approach the mortgagor. Such items as your bank account statements, previous year?s tax return, payroll check stubs, investment account statements, and a total of all monthly bills will be required to complete the refinance.
If you have considered looking for low mortgage refinance rates, there is no reason not to do so now. Many interest rates are very low, making it easy to save money on monthly bills through home refinancing. Don?t wait until the rates start increasing, do it now.
Related posts:
- Refinance Mortgage Rates
- Look For the Lowest Mortgage Refinance Rates
- Factors Affecting Refinance Mortgage Rates
- Tips To Refinance Mortgage Rates
- To be able to entitled to the greatest mortgage refinance you should research interest rates.
Source: http://www.rai-chertkoff.com/2012/02/18/mortgage-refinance-rates-are-low-right-now/
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