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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 Low Rates Favorable for Refinancing Now

Across the country, homeowners have realized that current mortgage rates have dropped since last week. This decrease in rates along with the recent rise in home sales means lenders are amenable to new transactions. For those looking to refinance, this can be an ideal time to take action.

Overall, the national average for a 30-year mortgage refinance has dropped to 3.99 percent. Last week, borrowers were faced with an average rate of 4.03 percent. Other types of mortgages are favorable for refinancing homeowners as well, from the 15-year fixed mortgage to the 5/1 adjustable rate mortgage. Tools such as an interest only mortgage calculator can help sort out the path to the best rates.

On the East Coast, homeowners in Boston can find a 30-year fixed mortgage refinance for as low as 3.67 percent. Bostonians who prefer to refinance a 15-year fixed mortgage should find rates with a low of 3.07 percent. The average list price of homes in the area is $320,900.

In contrast, Baltimore’s homes have an average list price of $104,900. A 5/1 ARM interest-only refinance can have a rate of 3.67 percent here. Similarly, the 30-year fixed mortgage refinance has a low of 3.67 percent.

Central portions of the United States have also seen rate decreases. In Omaha, the 15-year fixed mortgage refinance has a low of 3.07 percent. Homes in this part of Nebraska have an average list price of $130,000. This is a decrease of over three percent from this time last year.

In Missouri, Kansas City has experienced a drop in home values as well. Currently, the average list price of homes stands at $121,000. Those seeking a 5/1 ARM refinance can find one with a rate as low as 2.62 percent.

The southern states and the West Coast have benefited from current mortgage rates, too. Atlanta has 5/1 ARM refinance offers of 2.61 to 3.54 percent. In Alabama, Birmingham’s residents have seen rates for the same type of refinance drop as low as 2.75 percent. Meanwhile, Portland and Seattle are enjoying low refinance rates as well.

Thanks to low current mortgage rates, homeowners who have hesitated to refinance may be more willing to explore their options. Although rates may continue to decline, an interest only mortgage calculator and information about local rates can help refinance seekers save money now.