Why it’s Time to Refinance to a Lower Mortgage Rate

Mortgage refinance rates fell during the entire 2012 year and hit record lows in the fourth quarter. In the beginning of 2013, mortgage rates bounced off of record lows and if you missed the chance to refinance your mortgage at the lowest rates in a generation you were out of luck, until now. Refinance to a Lower Mortgage Rate Today

Refinance rates today on 15 year conforming mortgages just hit a new all-time record low. This bears repeating - a new all-time record low.  This week, the average 15 year rate hit a new low of 2.61 percent.

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 23223, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed Mortgage Loan from JG Wentworth Home Lending
JG Wentworth Home Lending
https://www.brimg.net/system/img/inst/10054_logo.gif
300000
Refinance
4.258
4.250
USD
JG Wentworth Home Lending Logo
NMLS # 2925
State Lic # MC-1875
at 0.000 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $299
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.295
4.250
USD
Bank of Oak Ridge
4.295%
4/18/2019
4.250%
at 0.250 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $853
 
 
30 yr fixed mtg refi Mortgage Loan from Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.316
4.250
USD
Northwest Federal Credit Union
4.316%
4/17/2019
4.250%
at 0.750 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $79
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.343
4.250
USD
Bank of America
4.343%
4/17/2019
4.250%
at 0.671 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from Apple Federal Credit Union
Apple Federal Credit Union
300000
Refinance
4.345
4.250
USD
Apple Federal Credit Union
4.345%
4/17/2019
4.250%
at 1.000 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $352
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.278
4.250
USD
TD Bank, NA
4.278%
4/19/2019
4.250%
at 0.000 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $982
 
 
30 yr fixed mtg refi Mortgage Loan from State Department Federal Credit Union
State Department Federal Credit Union
300000
Refinance
4.432
4.375
USD
State Department Federal Credit Union
4.432%
4/22/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $2,000
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.155
4.125
USD
LincolnWay Community Bank
4.155%
4/23/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.328
4.250
USD
Virginia Credit Union
4.328%
4/23/2019
4.250%
at 0.375 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $1,650
 
 
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
4.539
4.500
USD
Fulton Bank, NA
4.539%
4/23/2019
4.500%
at 0.125 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $1,007
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.557
4.500
USD
Santander Bank, N.A.
4.557%
4/23/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $2,004
 
 

Mortage Data Provided by Bankrate.com Many lenders have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please click here.

The rates above were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Rate/APR and terms may vary based on the creditworthiness of the individual and the extent to which the loan differs from the one used for Bankrate.com quotes. For criteria used in surveys of rates above, click here. These quotes are from banks, thrifts, and brokers, some of whom have paid for a link to their own Web site, where you can find additional information.






For years, many people have been under the weight of a 30 year conventional mortgage rate of 5 percent or higher. With home prices rebounding and equity coming back into existing mortgages, it's worth seriously looking into refinancing your home.  Chances are that you may be able to refinance to a lower rate and also get a shorter term, which could save you tens or hundreds of thousands of dollars in interest alone.

On our rate tables, you can find credit union mortgage rates and bank mortgage rates well below the average of 2.61 percent. Right now on our 15 year rate list for the state of California, you can find lenders quoting 15 year refi rates as low as 2.25 percent with 2 mortgage discount points. If you rather not pay any points to buy down the rate you can still find lenders quoting 15 year rates at 2.50 percent.

If you can't afford the higher mortgage payments each month that come with a shorter term mortgage, you can still benefit from refinancing to near record low 30 year rates. 30 year mortgage rates this week are averaging 3.47 percent but there are credit unions and banks quoting 30 year rates below the averages.

The lowest 30 year mortgage refinance rates today are at 3.00 percent with mortgage points. The lowest 30 year rates without points are also below the average rates at 3.25 percent. Even if you have already refinanced within the past few years, you could very well save more money and lower your mortgage payments by refinancing again.

Jumbo mortgage rates are also just above record lows set late last year. The current average 30 year jumbo mortgage rate this week is at 3.92 percent, down 1 basis point from last week's average rate. There are lenders offing 30 year jumbo mortgage rates today well below the averages on our rate tables.

The lowest 30 year jumbo refi offers on our rate table in the state of Nevada are at 3.50 percent with 2 mortgage points. The lowest 30 year jumbo rates without points are still below the average at 3.875 percent. These quoted rates are for a $900,000 loan with 20 percent equity or a 20 percent down payment if purchasing.

The best rates are for FICO scores of 740 or higher but you can still find rates below the averages with a lower FICO score, just search and compare rates here: Compare Mortgage Rates
 
 
Author: Brian McKay
April 26th, 2013