Refinance Today for Near Record Low Rates

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Refinance Today at Near Record Low RatesMillions of people who bought a home during the height of the housing bubble were unable to refinance their mortgage even though refinance rates declined the past 5 years and hit record lows late in 2012. Unfortunately, home prices also declined - in some area as much as 50 percent.  This put refinancing out of reach for many homeowners due to their diminished loan-to-value (LTV) ratios.

Most lenders will only lend up to 80 percent of a home's value. People who bought during the housing price bubble didn't have enough equity in their home or were underwater on their loan, making a refinance impossible. If you're one of these homeowners, you should look into refinancing again since home prices increased in 2012 and are forecasted to increase the next two years.
Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
in 95816, All points, 740    Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
3.567%
3.375%
USD
Rocket Mortgage Logo
NMLS # 3030
06/01/2020
at 2.000 pts
45 day lock rate
Est payment: $1,327
Fees in APR: $7,250
From the lender: We can close your loan in less than a month!
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
3.693%
3.500%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
06/01/2020
at 2.000 pts
45 day lock rate
Est payment: $1,348
Fees in APR: $7,250
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.107%
3.990%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
06/01/2020
at 1.000 pts
45 day lock rate
Est payment: $1,431
Fees in APR: $4,250
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
3.739%
3.625%
USD
Rocket Mortgage Logo
NMLS # 3030
06/01/2020
at 1.000 pts
45 day lock rate
Est payment: $1,369
Fees in APR: $4,250
From the lender: We can close your loan in less than a month!
 
PERIOD_FIXED_30YEARS Mortgage Loan from Figure Lending LLC
Figure Lending LLC
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112490.gif
300000
Purchase
2.777%
2.625%
USD
Figure Lending LLC Logo
NMLS # 1717824
06/01/2020
at 0.000 pts
60 day lock rate
Est payment: $1,205
Fees in APR: $6,000
Put your money where you need it sooner.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Figure Lending LLC
Figure Lending LLC
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112490.gif
300000
Purchase
2.709%
2.500%
USD
Figure Lending LLC Logo
NMLS # 1717824
06/01/2020
at 0.750 pts
60 day lock rate
Est payment: $1,186
Fees in APR: $8,307
Put your money where you need it sooner.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
4.025%
3.990%
USD
Rocket Mortgage Logo
NMLS # 3030
06/01/2020
at 0.000 pts
45 day lock rate
Est payment: $1,431
Fees in APR: $1,250
From the lender: We can close your loan in less than a month!
 

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.






Another reason to refinance now is 15 year conforming refinance rates today made a new record low last week and 30 year conforming rates are just above record lows. The current national average 15 year refinance rate is at 2.67 percent but you can find many lenders quoting rates even lower for those who have a good FICO score.

If you live in the state of New Jersey and are looking for quotes, you can find lenders in our rate list quoting 15 year refinancing rates as low as 2.25 percent with points. The lowest 15 year refi rates on our list for NJ without points are at 2.375, still 30 basis points below the national average rate. These rates are quoted on a conforming refinance loan with 20 percent equity and a FICO score of at least 680.

Across the country in California, we also have banks and lenders quoting 15 year rates well below the average. The lowest 15 year refinance rate right now on our CA rate list are at 2.25 percent with 1 mortgage point. The lowest 15 year California refinance rate without points on our list are at 2.375 percent.

There are many benefits to refinancing from a 30 year loan to a 15 year loan, the main benefit is saving tens of thousands or even hundreds of thousands of dollars in mortgage interest payments. The other main benefit is owning your home outright in 15 years instead of 30 years. The only drawback of a 15 year loan vs. a 30 year loan is higher monthly mortgage payments. This is the main reason why most homeowners choose a 30 year loan instead of a 15 year loan.

If you're refinancing to a 30 year mortgage loan, the national average 30 year rate this week is at 3.43 percent. 30 year rates are just above an all-time record low of 3.27 percent but right now you can find lenders quoting rates below the record low. If you live in the state of Florida, right now we have lenders quoting 30 year conforming refi rates as low as 3.00 percent with points. The lowest FL refi rates without points on 30 year loans right now are at 3.24 percent.
 
Author: Brian McKay
April 29th, 2013