Digital News Report – The Freddie Mac Primary Mortgage Survey (PMMS) reported that the 30 year rate and the 15 year fixed rate stayed the same from the week before. The 30 year fixed rate remained at 4.37 percent, while one year ago the 30 year fixed rate was 5.04 percent. The 15 year fixed rate is at record lows again this week as week with a 3.82 percent interest rate.
Mortgage refinancing has been a popular trend in home financing. Homeowners that have an adjustable rate mortgage are looking to refinance to lock into the lower fixed interest rates. Even homeowners that financed their mortgage a couple of years ago whether fixed or variable could save big on a lower interest mortgage loan.
Homeowners with a second mortgage could benefit from refinancing the two mortgages into one mortgage. Often the second mortgage has a higher interest rate and will have adjustable interest. If you do lock in the second mortgage the rates to become fixed they can often be quite high.
Not all mortgage lenders offer the same refinancing rates and they can vary depending on where you live as well as your credit rating. You have to shop around with several lenders in order to find the best home refinancing quotes. Luckily, with the Internet shopping around for a great mortgage loan refinancing quote has become easier than ever before.
Once you do start on the way with a mortgage loan refinance, it can take more time to complete a home loan refinancing than in the past. This is because the lenders have become more strict on their paperwork and other requirements for the person applying for the new mortgage loan. It can take around six months for the refinancing process to complete, in some cases it could take longer.
By: Victoria Brown