Fixed Rate Refinance - Current Mortgage Rates

Current Mortgage Rates

Grab ahold...

The saving grace of the mortgage industry, and the reason behind the recent surge in real-estate speculation, can be directly traced to current mortgage rates, which can be described in a single word: low. No matter your credit history or financial standing you can find an affordable, manageable mortgage that will allow you to purchase your very own home. But if current mortgage rates are so great, why would you ever need to consider a refinance.

The current mortgage rates will be gone tomorrow

With current mortgage rates at such low levels there is increased incentive to borrow more:

you can adjust your mortgage application to further decrease your interest rate via interest only periods and assuming the risk of future rate adjustments
by manipulating the stated income and stated savings portions of your application you can qualify for even more money, and with current mortgage rates that added weight will be not just manageable, but affordable.

This is all making the very large assumption that the rates you see today will remain, that all the mortgage professionals in the world are wrong and rates will not rise. Rates will rise - today's mortgage quotes reflect the increase already - and when it happens homeowners will be split into two distinct categories: those who chose to refinance early, and those who did not.

The price for waiting

Waiting to see if current mortgage rates will rise and make your home loan overtly expensive puts you at risk of losing your home. The greatest advantage you can make for yourself is to use today's mortgage rates to your advantage - lock into a low fixed rate and prepare for a future of rising mortgage costs.