Mortgage rates stay steady and low at the close of 2011
Informa Research Services
(12/30/2011) CALABASAS, CALIFORNIA – According to Informa Research Services, a subsidiary of Informa plc (LSE: INF), the national average rate on traditional 30 year fixed rate mortgages remained unmoved at 4.19% this week; at this time last year, this same figure was 84 basis points higher.  Informa Research Services suggests that consumers who are looking to purchase a new home or refinance a current home loan next year use online resources to ensure they get the best rate being offered at any time of year (http://www.erate.com/current-mortgage-rates-30-year-fixed-mortgage-rates.htm).
Just one year ago, the national average sat at 5.03%, which was still relatively low.  On a $250,000 loan, refinancing from 5.03% to the current national average of 4.19% would save consumers over $120 monthly.  In a single year, that’s nearly $1,500.
Whether they are looking to purchase a new home or simply refinance an old home loan, consumers should check online rate tables such as those featured on ERATE.com to find the most competitive rates being offered in their area. Â Finding the lowest rate available will ensure their home purchase or refinance is as beneficial as possible.
Refinancing a current home loan to one with a significantly lower rate can yield both immediate and long term results. Â By lowering their monthly mortgage payment, homeowners will quickly find that money saved can help them pay for other necessities such as groceries, car payments, or home maintenance. Â Over the long term, they will be shaving thousands of dollars off the total cost of homeownership.
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Since 1983, Informa Research Services, Inc., has provided the financial industry's most extensive array of market research, mystery shop, and decision-support information.
