Mortgage Advice

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Today's Mortgage Rates

Comparisons of today's mortgage rates, comparing today's mortgage rates from different lenders, are an important tool for the homeowner looking to refinance, or the home buyer. Today's mortgage rates are at historical lows, with the political intervention after the global financial crisis making today's mortgage rates some of the lowest in decades.

It would be a wise move to take advantage of today's mortgage rates to lower your home mortgage payment, if at all possible. Today's mortgage rates fr a 30-year home mortgage are the cheapest they are likely to be for a long time to come.

If you bought your home a few years ago, your home mortgage interest rate will be locked in at whatever the prevailing rate was at the time. It is almost certain that today's mortgage rates are lower than the prevailing rate at the time you took out your home loan. If this is the case, then refinancing at today's mortgage rates could dramatically reduce your monthly mortgage payment.

For example, let's suppose that you took out a mortgage three years ago, and the interest rate at the time was 6%, giving you a monthly mortgage payment of $1200. If today's mortgage rates were, say, 4%, then refinancing would reduce your monthly mortgage payment to $800 - a saving of $400 each and every month!

This is without paying off any of the principal that you borrowed - it is simply a saving produced by lowering the rate of interest you are paying to borrow exactly the same amount of money.

Today's mortgage rates represent a once-in-a-lifetime opportunity to lock in cheap capital for your home mortgage for the next 30 years.

If you are thinking about buying a home, there has never been a better time to buy. Distressed sellers and foreclosure auctions have reached the level where nobody wants to pay full price for a home any more. Buyers are snapping up bargains at pennies on the dollar, and sellers are being forced to take the losses because they are forced sales, and there is no option to wait until the market improves. Today's mortgage rates mean that not only is the house a bargain price, but the mortage finance is also remarkably cheap.

Buying a $200,000 home would have cost anything up to $1000 per month in mortgage payments at 6%, depending on the downpayment. The same home in a distressed sale or foreclosure sale could be selling for as little as $100,000, and if today's mortgage rates were, say 4%, then the monthly mortgage payment would be closer to $333 - for exactly the same house!

It is important to compare today's mortgage rates from different lenders, and take into account any fees. At today's mortgage rates, fees can be a considerable proportion of what you pay in the end!

Take advantage of today's mortgage rates to refinance your mortgage or to buy your new home - today's mortgage rates are a golden opportunity to set yourself up with comfortable, low monthly mortgage payments for the next 30 years.