Mortgage Rates are near historic lows, housing prices are more affordable than they have been over the past several years and there is a $8,000 tax credit for first time home buyers who purchase a home before December 1, 2009. That being said, now is a good time to take the plunge and purchase a home or refinance your existing mortgage.
Finding the best mortgage rates available has become a lot easier than it used to be. In the past one had to either use a mortgage broker or stop at several brick and mortar banks. Now you can search for home mortgage rates online, get current mortgage rates and compare different mortgage types with ease.
Mortgage Rates
Today’s mortgage rates are very low compared to historical averages. A conforming fixed rate 30-year mortgage can be found for around 5.00 percent. Fixed conforming 15-year mortgage rates are under 5.00 percent at around 4.75 percent.
These low mortgage rates are expected to remain in this range until the Federal Reserve starts to raise interest rates again when the economy picks up. This probably won’t happen until the beginning of 2010.
Jumbo Mortgage Rates
Current jumbo mortgage rates are also low compared to historical averages. During the credit crises late last year jumbo mortgage rates were a lot higher than conforming mortgage rates because most banks and lending institutions were leery of making jumbo loans.
There wasn’t a market for selling the loans and banks would have to hold onto them unlike conforming mortgages are bought by Feddie Mac and Fannie Mae. Jumbo rates are now only between three quarters to one percent higher than conforming mortgage loan rates.
MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates. Search Mortgage Rates
Author: Brian McKay
July 19th, 2009
