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 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.

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