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Tips for Refinancing into the Lowest Home Mortgage Rates

By now most homeowners realize that a mortgage refinance loans may be the best way to increase cash flow and reduce housing expenses. Just when it looked as if mortgage rates couldn’t fall any further, they did. Mortgage interest rates on 30-year fixed home loans hit an average of 4.25% in September, the lowest level since 1953, according to Freddie Mac, and are still hovering below 4.5%. Jumbo mortgage rates fell to 5.125% which is the lowest level for jumbo rates in years. Many consumers searching for a poor credit mortgage solution have been selecting the government loans because they are more flexible with credit guidelines. FHA mortgage rates fell to 4.125% in October which enabled thousands of borrowers to refinance their adjustable rate loans.

1. Maintain good credit scores. High ficos are needed to maximize the lowest possible rates.

2. Work with a trusted lender that offers competitive rates. Working with a shady lender offering lower rates will end up biting you.

3. Consider a variety of home loans in an effort to find a great rate mortgage that meets your needs.

15year interest rates are even more enticing at 3.75%. The most creditworthy borrowers may even find lower payments, with interest rates as much as quarter of a percentage point lower.



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