4.25% 30 Year Fixed Rate
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30-Yr fixed 4.750 % 0.7 to 1
15-Yr fixed 3.750 % 0.7 to 1
5/1 ARM 3.125 % 0.7 to 1
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Current Rates at Historic Lows

Current mortgage rates are now again at historical lows. The rate for a 30 year fixed loan today stands at 3.88 percent, actually down form 3.90 percent last week. The best mortgage rates for a 15 year fixed loan are even cheaper at an amazing 3.14 percent, again fractionally down from the previous week. Those who wish to take a five year gamble can find a rate of 2.75 percent if they choose a 5/1 adjustable rate loan.

The Federal Reserve has again stated that they are committed to keeping current mortgage rates low. The Fed feels that the housing market is possibly just beginning to improve, and realizes that consumers need to be given the option of the best mortgage rates possible in order to be induced to purchase property. Therefore, the Fed predicts and analysts agree, that mortgage interest rates will stay low for the foreseeable future.

Distressed properties which include foreclosures, short sales and bank owned homes are still a large weight upon the housing market. In some hard hit areas like Nevada and Arizona, a large number of mortgages are 30 or more days delinquent and an even larger number of homes are under water as the principal amount owed is far greater than the home could be sold for.

Lawsuits, potential lawsuits, government intervention and more government regulation of the mortgage industry are responsible for a huge bottleneck of distressed properties. Many homes are stuck somewhere in the foreclosure process because of these legal issues, and many more are merely being held by banks since the financial institutions are afraid to flood the weak market with more cheap properties.

Until this situation is resolved, the housing market will remain injured and weak, In turn, the Federal Reserve will do everything possible to revive the market and this includes a commitment to historically low mortgage interest rates. While some consumers are anxious to purchase homes at current mortgage rates which they believe may be unavailable in the near future, more experienced homeowners and investors are willing to wait since all things point to mortgage rate stabilization for some time to come.