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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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While the poor economy has had a negative effect on millions of people across the country, the one way that it may have actually helped things is by keeping interest rates low. House mortgage rates for either a new loan or refinancing an existing loan are extremely low. People who take advantage of the low house mortgage rates by refinancing into a cheaper mortgage or buying a new home could save thousands of dollars per year by avoiding excess interest charges.

While interest rates on mortgages have fallen considerably, many people find themselves confused about where they can find good rates from lenders. When starting to look for new mortgage rates for your home purchase or refinance, the best place to start may be with the internet. If you Google mortgage rates you should have a variety of options pop up which could lead you to websites of lenders that are offering mortgages for new and refinanced homes. When you Google mortgage rates and find lenders online you should be careful to choose a lender that is reputable and licensed to provide mortgages in your state.

When looking for new interest rates on a mortgage all people should be aware that the rates quoted online by banks are for borrowers who meet the qualifications for the lowest possible interest rates. Banks offer different mortgage rates to people depending on the risk factors that are represented in each loan. One aspect that could affect your ability to get the lowest interest rates is if you have a low credit score. Banks today are only willing to offer the best interest rates to people with rates of 740 or above. However, as long as your score is about 620 you could still qualify for some loan product, although you may have to end up accepting a slightly higher interest rate. Luckily, due to the extremely low rates, this could still help you save some money.

If you do not have much equity in your home you could also have a problem being approved for the lowest interest rates on mortgages. To qualify for the lowest interest rates provided by mortgage lenders, you will need to have at least 20% equity in your home. Unfortunately, the declining housing prices across the country have caused a drastic reduction in borrower equity. Fortunately, as long as you have 5% equity or more, you should qualify for some loan products.