Start 2012 with smaller mortgage payments
Source: Informa Research Services
(12/30/2011) How would you like to lighten the load when it comes to your monthly mortgage obligations in 2012? Â By finding a significantly lower rate than what is attached to your current loan, homeowners can reduce their monthly mortgage payments and save thousands of dollars over the entire term of the loan.
According to Informa Research Services, the national average rate on 30 year fixed rate mortgages this time last year was 5.03%, which at the time was considered very low. Â However, over the past year, rates have continued to fall to historically low levels, and the current national average on the traditional mortgage product sits steady at just 4.19%.
On a $250,000 mortgage, refinancing from 5.03% to 4.19% would reduce your monthly mortgage payment by over $100; your savings would add up to over $1,200 annually.
To locate the lowest local rates, check online rate tables such as those found on ERATE.com. Â Since the aforementioned figures are averages, this means that there are many rates both higher and lower available. Â These rate tables make it fast and easy to locate the ones that are lower than these averages.
