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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What Are Current Mortgage Rates?

While the poor housing market and overall weak economy have been financially disastrous for many people, one benefit of the poor market and economy has been that mortgage rates on new mortgages and on refinanced mortgages have stayed very low. In fact, current mortgage interest rates today are as low as they have ever been before as people looking for fixed rate mortgages can often find rates that are around 4% for 30-year loans.

While when people look online and Google mortgage rates, the interest rates that they read about may actually be a bit misleading. While current mortgage interest rates are incredibly low today, most people may find that the rates listed may actually be much lower than the rates that they could actually qualify for. The main reasons why the rates listed when they Google mortgage rates may not be the same that are actually received is because the rates that are actually listed and advertised for banks are for people that meet the tightest underwriting standards that they bank has.

In order to qualify for those lowest rates, borrowers will need to meet various different pieces of criteria. One of the most important is having enough equity in their home. If a borrower is looking to refinance a mortgage that they got within the past five years, they may find that their home is not worth as much as it used to be. Unfortunately, most banks will require that their borrowers have at least 20% equity in their home in order to qualify for a refinanced mortgage. For those that have less equity than that will either not qualify for a mortgage or they will have to accept a much higher interest rate and possibly also pay private mortgage insurance.

A borrower that is looking to take advantage of the historically low interest rates will also need to have a very strong credit history in order to qualify. Due the high percentage of people with poor credit scores that eventually defaulted on their mortgages, banks today place a significant amount of reliance on a borrower’s credit score when they are determining whether they will qualify for a loan. To get a mortgage loan with the best possible rate, borrowers will need to have a score of 740 or better. Those with a slightly lower score may still qualify for a loan, but will have to accept a higher interest rate.