Mortgage rates have been at historical lows for weeks and this seems to be the perfect time for any prospective buyer to secure them while they are still around. Even though the home buyer tax credit has come to an end, low rates will ensure the best deal possible on a mortgage loan.
The average interest rate for a thirty-year fixed mortgage remains at 4.75% today, unchanged from last week’s rates. Around the same time last year interest rates on this type of mortgage rose as high as 5.29%.
Many people are not aware that the interest rate for a conforming thirty-year fixed mortgage could climb as high as 5.8% by the end of 2011. Anyone looking to make a purchase or possibly refinance their current mortgage should take advantage of these low rates while they are still available. Please make sure to shop around when looking for a loan because different mortgage lenders will offer various interest rates for their mortgage products.
Below you will find common home loan types and the average interest rates being offered today:
30-Yr Fixed 4.750%
30-Yr Fixed FHA 4.750%
15-Yr Fixed 4.125%
5-Yr ARM 3.500%
5-Yr ARM FHA 3.375%
Jumbo Mortgage:
30-Yr Fixed 5.500%
5-Yr ARM 4.625%
Is it Possible to Predict Mortgage Rates Mortgage rates can fluctuate rapidly. With these unexpected changes, it can be hard to know exactly when to lock in a rate. Could you have saved money if you waited one more month Or did you stall too long and miss a window of opportunity Wouldn’t ….
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