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from: California Mortgage Rates and RefinancingThe rate of interest in which the banks borrow money is set by the Federal Reserve Bank, and then the banks get their profit by charging interest on the money they lend. California mortgage rates may vary according to the kind of loan you are applying for as well as your credit history. You should have a clear understanding of what you hope to accomplish by refinancing your loan, because the California mortgage rates can be influenced by what you are going to use the money for, and by your level of income.
Since California mortgage rates are lower than in years past, you may want to refinance for the sole purpose of lowering the interest rate on your loan, which could save you many thousands of dollars. Some homeowners want to cash out the equity in their home to remodel, make repairs, or build an addition to the home. Today’s California mortgage rates make it affordable to refinance their mortgage loans now.
You might be a homeowner that owns a 30 year mortgage, and you want to reduce it to a 15 year mortgage. By decreasing the number of years on your contract, the California mortgage rates may be lower, or they may be slightly higher; however, the money you would save over the life of the loan would be in the thousands of dollars.
If you are a homeowner that has an adjustable rates mortgage, you may want to take advantage of a fixed rate mortgage. There are almost as many California mortgage rates as there are types of mortgages. You may have an interest only mortgage and you want to stop having a balloon payment to refinance every year. Whatever your need, your lender can help you achieve your refinancing goals. If your goal is to lower your monthly payment, find the difference between your present monthly payment and the quote that the lender gives you and multiply that number by 12, which will give you what you will save per year by refinancing.
Maybe you have a second mortgage that you have been paying on, and you want to pay that loan off. You can refinance and pay that one mortgage off and structure the payments however you want them. If you want lower payments you can have a longer term, but if you want to pay less interest you would ask for a shorter term mortgage, even though you will be paying higher monthly payments.
If you are planning to sell your home and you are paying a slightly higher interest rate it might not be affordable for you to refinance. You might fare much better by keeping your present mortgage payment, rather than refinancing to get better California mortgage rates, and then when you sell your home pay off the mortgage.
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Fixed Mortgage Rates News
Fixed mortgage rates hover at record lows
A 30-year fixed rate mortgage averaged 3.78 percent; one year ago, the 30-year FRM averaged 4.6 percent
Read more...Mortgage rates move lower
WASHINGTON, May 24 (UPI) -- Average mortgage rates for long-term, fixed-rate loans keep falling to record lows, the Federal Home Loan Mortgage Corp. said Thursday.
Read more...Bankrate: Mortgage Rates Hold at Record Lows
NEW YORK, May 24, 2012 /PRNewswire/ -- Mortgage rates were little changed, remaining at record low levels. The average rate on the benchmark 30-year fixed mortgage rate was unchanged at the record low ...
Read more...Historic Lows for Fixed Mortgage Rates Hold Steady
MCLEAN, Va., May 24, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey ® (PMMS ® ), showing the record lows for average fixed mortgage rates ...
Read more...Mortgage rates hit record low of 3.78%
U.S. mortgage rates for 30-year loans fell to a record low for a fourth straight week, reducing borrowing costs as a housing recovery takes hold. The average rate for a 30-year fixed mortgage dropped to 3.78 percent in... Presented By: Amplify Your Brand During Small Business Week for a Buck Do you need more media exposure for your small business? What business doesn?t? We want to honor you ...
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