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Lets fact it, many qualified individuals want to refinance mortgage rates. In the year of 2010, this is a strong possibility for many because mortgage rates have dropped to record low. This became evident on June 24, 2010, when reported rates among a large survey of lenders for thirty year fixed rate mortgages fell to 4.81 per cent.
4.88 per cent was the rate for the two weeks before this which was the prior reported record low. The last time that mortgage rates had been reported at a record low rate like this was in June and July of 1956 at 4.81 per cent and 4.78 per cent in May of that year.
The fifteen year mortgage rate is often desired. Currently, it stands at 4.26 per cent with the 5/1 adjustable rate mortgage at 4.13 per cent and the jumbo thirty year fixed loan rate at 5.63 percent.
Ironically, less people are applying for home loans with mortgage rates at a historically low price. Many blame the economy but industry experts have reported that most homeowners who are qualified to refinance have already done so.
|Jennifer Mathes, Ph.D.|