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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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Declining Refinance Rates Benefit Housing Market Nationwide

For homeowners interested in refinancing, current mortgage rates are still attractively low. Some of the best mortgage rates in years are available across the country, as can be seen in popular housing markets.

Residents of Boston can access a 5/1 ARM refinance mortgage with rates of 2.66 to 3.24 percent APR. Last week, the national average for these mortgages was 3.09 percent, while this week it has reached 3.08 percent. Boston’s homes have an average value of $337,800.

Compared to Boston, the New York metropolitan area offers rates that are slightly higher. The 5/1 ARM refinance mortgage here has rates of 2.94 to 3.24 percent. At $350,100, New York homes have a higher average value as well.

Atlanta’s homeowners can also access a 5/1 ARM refinance mortgage with rates as low as 2.66 percent. A 7/1 ARM is available for refinancing and its rates can range from 2.83 to 3.30 percent APR. Nationally, the average rate is 3.03 percent, down from last week’s average of 3.09 percent. Homes in Atlanta have an average value of $121,300. Given the downward trend of variable rate refinance mortgages in the past month, homeowners can anticipate additional rate reductions after this week.

In addition to variable rate mortgages, current mortgage rates are affordable for fixed rate mortgages. In Chicago, a 30-year fixed rate refinance mortgage can be accessed for 3.90 to 4.42 percent APR. The national average is 4.35 percent this week. Last week, the national average sat at 4.45 percent. Homes here have an average value of $178,700.

Dallas is enjoying the recent run of best mortgage rates, too. A 30-year fixed refinance mortgage here can be as low as 3.92 percent. Homes in the area have average values of $89,200.

Out west, the Denver area has refinance rates of 3.22 to 3.74 percent APR for 15-year fixed mortgages. The homes in this section of Colorado have an average value of $193,700. Nationally, the rate for a 15-year fixed refinance mortgage is averaging 3.58 percent. A week prior, the rate was 3.68 percent. Homeowners who prefer fixed rate refinance mortgages may expect the rates to continue to drop in the weeks to come if the trend continues.

Refinancing is on the minds of homeowners nationwide, thanks to the best mortgage rates in recent times. By comparing current mortgage rates to past mortgage rates, homeowners stand to save a good deal of money.