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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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Google and Mortgage Rates

If you were to Google mortgage rates now, you would be very happy if you were in the market for a house. The current mortgage interest rates are at their lowest in history, especially taking inflation into account. The current mortgage interest rates are hovering around 3.79%, give or take a tenth of a point depending on the market.

Those markets that were hit especially hard by the real estate crisis of 2008 and have yet to recover have even lower interest rates. Markets such as California, Las Vegas, Detroit and Cleveland are even lower than that. Combine that with the lower amount of money that you have to spend on a house these days and that adds up to a great deal of savings.

Those who already own a house and are in the market for refinancing (which should be a great deal of people who own a house based on the low interest rates) should be incredibly happy as well. Refinancing a house to a lower interest rate, fixing it at that interest rate, can give you multiple streams of income if you are able to do it correctly.

As interest rates are being held artificially low by the Federal Reserve, interest rates on mortgages are also being held artificially low. What this means is that anyone who can Google mortgage rates and can find a lower interest rate for mortgages in his or her area should take the deal and run, because it most likely will not be there for long.

Along with the immediate savings that you would receive from refinancing at a lower rate, another stream of income would come when the interest rate goes back to normal. Inflation will make the remaining payments on your new mortgage even less expensive, giving you even more equity and allowing it to build that much faster.

The upfront cost of refinancing a mortgage is more than worth it, as you make up the equity when inflation takes the price of paying your mortgage down. Also, if you have additional equity in your home, it will increase when interest rates return to their normal levels.