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Current Mortgage Refinance Rates

A refinance mortgage is a loan taken to repay an on hand mortgage. It is secured against the same real estate property as the existing mortgage. A smart borrower would opt for refinancing only when the current mortgage refinance rates are favorable to him.

You can visit the lenders office or can look for current mortgage refinance rates online. You can visit websites of different lenders where with the help of mortgage calculators and based on the information provided by you, you'll be quoted refinance rate that can be offered to you.

Whether the Current mortgage refinance rates that a lender will quote to you is favorable will depend upon the following:

- Balance term of existing mortgage: If it's only a couple of years more for your loan term to end, then the refinancing option itself is not justifiable. The reason being, the cost of refinancing will exceed the benefit that you will be able to get due to low current mortgage refinance rate

- Rate of Interest on the existing mortgage: The difference between the refinance mortgage rates quoted to you and the interest rate of your current mortgage should be at least 2 percent. Only then will the refinance deal be actually beneficial for you. Otherwise the cost of refinancing will reverse any savings made. 

- Application Costs and Closing of the refinance mortgage: If the current mortgage refinance rates are low, but the applications costs and closing costs are enormously high, then weigh your options carefully before refinancing. 

- Prepayment Penalty on the current mortgage: Some mortgage lenders charge a huge amount of pre payment penalty when you pay off your mortgage before the end of the loan term. But pre payment penalty is chargeable only when the loan is paid off within a particular number of years of the term. So find out when does your prepayment penalty period end, and decide accordingly.

To get the best current mortgage refinance rate you need to have a good credit rating. In order to improve your credit rating, make all the payments on the right time. Also do not buy new credit cards or use the existing cards to the optimum limit. Meet a minimum of three to four lenders and ask them to for Annual Percentage Rate (APR) quotes. If you are including paying points, your current mortgage refinance rate might come down a little.

In the present market situation, the mortgage refinance rates were showing a downward trend till the third week of September, now the current mortgage refinance rates are expected to gradually rise again. So this is the most appropriate time to refinance your home mortgage and save some money. The approximate prevailing mortgage refinance rates for various refinance loans are:
- 30 Years Fixed Refinance: 5.87 %
- 15 Years Fixed Refinance: 5.52 %
- 30 Years fixed Jumbo Refinance: 6.55 %
- 15 Years fixed Jumbo Refinance: 6.11 %
- 3/1 ARM Refinance: 5.51 %
- 5/1 ARM Refinance: 5.75 %