Rates were already low at the start of the quarter, but following the Fed’s announcement last week, the national average rate on a traditional 30 year fixed rate mortgage has inched lower. Informa Research Services, a subsidiary of Informa plc (LSE: INF), encourages qualified homeowners to take advantage of low interest rates and look to refinancing their current home loan.
According to BusinessInsider.com, “Mortgage rates were already near record lows when the Federal Reserve Board acted last week to further reduce long-term interest rates in general, and included a targeted effort to push down mortgage rates even more.” Following this announcement, national average 30 year mortgage rates dropped from 4.37% last week to 4.29% this week.
Homeowners who want to reduce their monthly mortgage obligation can check convenient rate tables found on websites such as ERATE.com to stay abreast of the most current mortgage rate movement. Furthermore, the lenders featured on these rate tables typically offer rates significantly lower than the already low national average.
A successful refinance will bring qualified homeowners immediate savings in the form of reduced monthly mortgage payments, but more importantly, larger savings over the remaining term of their loan. That being said, homeowners who are considering refinancing a current loan should research their options to ensure that the benefits of refinancing their mortgage will outweigh the costs. This relies heavily on the rate that is attached to the current home loan.
For more information, visit www.informars.com.