Source: Informa Research Services
(02-05-2010)
The national average rate on a 30-year conforming mortgage continued to decline this week falling to 5.19% from 5.24% last week (Source: Informa Research Services Interest Rate Review). With this in mind, consumers should check out online rate tables to find the lowest rates currently available.
The fastest and easiest way to find the lowest rates available in your area is to refer to sites such as ERATE.com that present multiple lenders and their rates on a table with sortable columns. These displays allow you to quickly sort by the features that are most important to you.
Furthermore, the lenders featured on these tables frequently offer rates well below the national average. For instance, AimLoan.com is currently offering their 30-year fixed mortgage at 4.75% without paying points. This rate dips to 4.5% when paying points.
Because rates can be unpredictable, it is important to be aware of what constitutes a low rate in the current rate environment. Online rate comparison tables is one of the best ways to check what rates are currently being offered by lenders in your area.
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