(06/10/2010) This week, the national average mortgage rate remained stagnant for the third week in a row. For consumers, this means more time to shop for the best purchase or refinance rates.
The current national average mortgage rate sits at 4.99% this week, according to Informa Research Services. Since mortgage rates are still low and appear to be holding steady for now, this might be a good time to consider refinancing their current home loan. Depending on your situation, refinancing a current home loan with a one at a lower rate could potentially save you thousands of dollars in just a few years.
The best way to find low rates is to look at the tables featured on sites such as ERATE.com. These tables frequently include quality lenders who offer rates well below the national average. On these tables, you may also find a number of helpful lenders with whom you were not previously familiar.
Furthermore, ERATE.com offers access to its table through its free iPhone application. With just a touch of your finger (literally!), you can check current rates right from your iPhone or iPad. With this sort of accessibility, there’s no longer an excuse for not being aware of what rates are currently being offered by lenders in your area.
