Current Mortgage Rates
Find any mortgage rate to fits with your situation
The Current Mortgage Rates in the chart on this page are always up-to-date. It is not unusual for mortgage rates or loan percentage points to change more than once per day. For example, a mortgage loan that has no points in the morning may inflate to a quarter point or .25 percent fee on the loan before the end of the day. Think of mortgage loan points as a variable service fee attached to the loan, depending on the current cost of money.
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So, the question is, what drives those changes or mortgage rates?
Mortgage interest rates are based on Mortgage Backed Securities (MBS), or bonds. If the bonds sell high, the mortgage interest rates go down. If bonds sell low, the mortgage interest rates go up. The answer is pretty simple.
Bonds are affected by many economic forces that influence the demand for bonds. Each week the Fed releases various economic reports that affect bond movement. Foreign markets also can affect the bond market which in return will affect mortgage interest rates. For example, when the Euro Central Bank and Central Bank of New Zealand hiked up their version of the discount rate, many investors sold off their bonds looking for a higher rate of return in their investment. Japan and China hold a good amount of our bonds, so if they decided to sell them to diversify their portfolio that could really affect the bond market and affect mortgage interest rates in a negative way.
Another question we often hear is "Do I have to refinance to get a lower interest rate?" and take advantage of the current mortgage rates.
Refinancing is the quickest and most typical route to lowering your interest rate. However, some homeowners have been able to workout agreements with their current lender either to lock in to a fixed rate or locking in for a lower rate. This process can be daunting and take a long time. You may even have to prove that you are in a hardship to qualify for this sort of special agreement.
Depending on who holds your current mortgage, FHA, Fannie Mae or Freddie Mac you may qualify for streamline refinancing. A streamline is a type of refinance that requires little to no documentation. Even if you qualify for a streamline you are still refinancing your home. The biggest difference with a streamline and a regular refinance is that an FHA Streamline does NOT require an appraisal or income documentation for approval. Fannie Mae and Freddie Mac streamlines DO require the same documentation as regular refinancing, however they have the ability to go over 100% Loan to Value (LTV) and in some instances do not require PMI.
With the current mortgage rates right now is a great time to refinance and take advantage of the low rates! I would suggest that you contact your local mortgage company as soon as possible to see if you. Ask the Loan Officer if you qualify for any of the above mentioned programs to get the best deal and take advantage of the lowest mortgage rates.
You can also try to apply for a home loan modification and check out those possibilities.
Check out this Mortgage Rate Chart for historical data and future trends
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