Save Money on Your Home with Low Fixed Mortgage Rates, Shorter Terms
Source: Informa Research Services
(11/05/2010) With mortgage rates at or near record lows, some homeowners may benefit from refinancing their homes. By refinancing their current home loan with one that carries a much lower rate, the savings will be apparent, not only over the term of the loan, but also immediately in the form of a lower monthly payment. Informa Research Services suggests consumers locate the best local rates in their area by using online rate tables such as those featured on ERATE.com.
According to Informa, the national average rate on the traditional 30
year fixed rate mortgage currently stands at just 4.45%, down 76 basis points from 5.21% six months ago. For consumers who purchased their home a number of years ago when rates were much higher, this may be a good opportunity to consider refinancing to a lower rate.
Additionally, the national average rate on the 30 year fixed mortgage's shorter counterpart, the 15 year fixed rate mortgage, slid lower to 3.83% from 4.56% six months ago. For some homeowners who have already paid off a significant amount of their loan balance, a shorter term fixed mortgage with a low rate may be a good way to pay off their home faster while avoiding a significant increase in monthly payment.
The easiest way to locate rates even lower than these averages is to check online rate tables, such as those featured on ERATE.com. These tables require no personal information and enable users to quickly compare loans from various lenders.
