Homeowners that are still looking to get a lower mortgage payment are refinancing to a 30-year fixed rate mortgage in the hopes of taking advantage of the lower interest rates that are still being offered. Interest rates on 30-year fixed rate mortgages have risen slightly over the past few weeks, but they remain around 5%.
Over the last few months, some homeowners were able to get home loan mortgage rates for as low as 4.75%, but even with higher rates of around 5% or a bit above, 30-year fixed rate mortgage interest rates are still low and are still able to afford homeowners with a lower mortgage payment in many cases.
While there are homeowners looking to refinance and homebuyers looking to buy and both want a low interest, low payment 30-year fixed rate mortgage loan, not everyone needs to be rushing to take advantage of these low mortgage rates.
Despite the fact that many feel mortgage rates are going to be on the rise, anyone looking to get a low mortgage rate at the present time needs to make sure they are financially able to do so and that refinancing or buying a home is going to be in their best interest before they do so.