Current Mortgage Rate Update

10:54 AM Unknown 1 Comments

Mortgage rates continue to hover at or near historic low points for many home loan products. Been holding off on applying for a purchase mortgage or refinance? It could be time to get off the fence - get a quote for today's rates and see what you could save or how far your money could go with a home purchase.

Here's a look at where rates are currently for a 15 year fixed rate mortgage (as of 10/13/2011). Rates posted on ForTheBestRate.com.

Lender Note Rate Points Fees APR
Aurora Bank 3.500% 0 $757 3.555%
New American Funding 3.500% 1 $0 3.647%
AmeriSave 3.375% 0 $1995 3.521%
American Financial Resources 3.375% 0 $0 3.375%

Many homeowners are choosing to refinance into a 15 year home loan rather than starting the clock over with a 30 year mortgage. With rates as low as they are right now the payment increase may not be as much as you might think, and the long term interest savings can be significant.
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