Today’s Mortgage Rates for Home Purchases and Refinance Rates for Refinancing a Home Loan
Posted by admin on April 11, 2011
Mortgage rates and mortgage refinance rates have been going lower recently and have been low since the beginning of 2010. Current mortgage rates are down to record lows to help the housing market recover. The boom in housing because of cheap financing drove home prices to record levels. Current 30 year conforming mortgage rates are 5.10 percent today but even the low current mortgage rates can’t seem to stop home prices from going down. Now is also a good time to refinance so you should go ahead and figure out if you can afford a 15 year mortgage instead of a 30 year mortgage, use a mortgage calculator to figure this out.
Low rates mortgage loans make this one of the best times ever to buy a home or refinance your mortgage. Another reason why buying a home now is one of the best times to do so is because homes are so much more affordable than they ever have been.
30 year jumbo mortgage rates are being offered at 5.75 percent at Wells Fargo Bank which is the largest home loan lender. Jumbo mortgage rates and jumbo refinance rates are always higher than conforming mortgage rates
If you can pay a home off in 15 years getting a 15 year home loan is even better than a 30 year loan because you will own your home in half the time.
Today’s 15 year mortgage rates on conforming mortgages is 4.25 percent. That is one low rate. 15 year jumbo mortgage rates are at 4.75 percent.
If you are checking on refi rates to refinance your current mortgage you should think about doing a refi to a 15 year loan. Why? Again, because you can pay your home off quicker, 15 year home loan rates are lower than 30 year rates. You’ll save a bunch of money in the long run because you’ll pay a lot less interest.