4.25% 30 Year Fixed Rate
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Program Rate APR
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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Mortgage Refinance – Weekly Update

Mortgage rates began being tracked in 1971. Freddie Mac, mortgage giant has witnessed rates as low as 4.36% to as high as an outrageous 19%. Current mortgage rates have never looked more attractive.

Cheap mortgage rates are not the only reason to look into refinancing at this time. Changing into a fixed-rate mortgage is another favorable aspect. Current home owners have mortgage rates that are beginning to reach their adjustment period. This could be a potential problem. During the late 90’s into the past decade adjustable rate mortgages (ARMS) were quite popular. Fixed interest rates were elevated and a low interest rate for a specific term sounded wonderful and the low monthly payment sounded even better. The piece of information that conveniently was overlooked was what the monthly payments could look like once the adjustable period began. Mortgage holders that were approved for adjustable rate mortgages previously will begin to see their monthly payments possibly triple in size once the adjustable period begins. The problem with this scenario is that mortgage holders were approved based on the payments during the fixed period of time and not what their current mortgage rates are being adjusted to. This is the direct cause for such a large number of homeowners having their homes foreclosed upon.

The result of the mortgage industry pushing homeowners into adjustable rate mortgages that they cannot afford is revising the previously lenient Fannie Mae and Freddie Mac guidelines. Mortgage companies are no longer approving loans and storing them in a portfolio. They are approving Fannie and Freddie guaranteed loans only. This makes the current regulations a bit more difficult for approval, but creates very low-risk clients. These changes will reduce the number of homeowners that will lose their homes to foreclosure in the future.

Now is the time to take advantage of the cheap mortgage rates. The United States has been witnessing an all-time low in mortgage rates. Refinancing is a practical solution to assist homeowners in reducing their monthly payments. Refinancing can make homes affordable once again. Do not get discouraged and allow your home to go into foreclosure. Refinancing may be the best option for you. With current mortgage rates in your favor, now is the time to take advantage of these cheap mortgage rates.