Good news home buyers and refinancers. Average mortgage rates todays and refinance rates are so low right now you can get a great deal. The current average 30 year conforming mortgage rates and refinance rates are averaging 4.85 percent. There are lenders that offer rates better than the average. Some lenders will give you a 30 year rate as low as 4.25 percent. Wow, what a great rate!
If you can afford the monthly mortgage payments on a 15 year home loan you can get an ever better rate. If you already own a home and have paid off a good chunk of your mortgage it might pay to refinance your 30 year mortgage to a 15 year mortgage. Your monthly payments might end up being the same since rates are so low.
Today’s average conforming 15 year mortgages rates and refinance rates are 4.11 percent. Some lenders will give you a 15 year interest rate below 4.00 percent. I remember when savings rates were around 4.00 percent. Imagine getting a 15 year mortgage at 4.00 percent or even lower? Remember, the lower the mortgage rate the more house you can afford.
If your looking for jumbo mortgage rates and jumbo refinance rates you can also get a great deal right now. Current 30 year jumbo mortgage rates and jumbo refinance rates are averaging 5.32 percent. Yes, there are mortgage lenders that will quote you rates below the jumbo average. You can probably find a lender that will give you a jumbo rate at 4.75 percent if you buy the rate down.
Again, with 15 year loans the interest rate and the interest you pay monthly is lower than 30 year rates. The average 15 year jumbo mortgage rates and jumbo refinance rates are at 4.71 percent. Did you want a rate lower than 4.71 percent? I bet you can find a mortgage company or bank that will give you a 15 year jumbo rate at 4.25 percent.