Refinance Today for Near Record Low Rates

Refinance Today at Near Record Low RatesMillions of people who bought a home during the height of the housing bubble were unable to refinance their mortgage even though refinance rates declined the past 5 years and hit record lows late in 2012. Unfortunately, home prices also declined - in some area as much as 50 percent.  This put refinancing out of reach for many homeowners due to their diminished loan-to-value (LTV) ratios.

Most lenders will only lend up to 80 percent of a home's value. People who bought during the housing price bubble didn't have enough equity in their home or were underwater on their loan, making a refinance impossible. If you're one of these homeowners, you should look into refinancing again since home prices increased in 2012 and are forecasted to increase the next two years.

Another reason to refinance now is 15 year conforming refinance rates today made a new record low last week and 30 year conforming rates are just above record lows. The current national average 15 year refinance rate is at 2.67 percent but you can find many lenders quoting rates even lower for those who have a good FICO score.

Loan Term
Lender
APR / Rate
Fees / Points
Payment
PenFed Credit Union
NMLS #401822
5.157%
15-Year Fixed
4.875%
$7,500
Includes 0.875 points for $3,500
Lender Fees: $4,000
$3,138 /mo
District Lending
NMLS #1835285
5.478%
15-Year Fixed
5.250%
$6,000
Includes 1.000 points for $4,000
Lender Fees: $2,000
$3,216 /mo
Surety Home Loans
NMLS #1981224
5.535%
15-Year Fixed
5.250%
$7,500
Includes 0.875 points for $3,500
Lender Fees: $4,000
$3,216 /mo
Watermark Capital
NMLS #1838
5.917%
15-Year Fixed
5.750%
$4,331
Includes 0.708 points for $2,832
Lender Fees: $1,499
$3,322 /mo
Solidify Mortgage Advisors
NMLS #1283930
License: 01970483
5.933%
15-Year Fixed
5.750%
$4,737
Includes 0.903 points for $3,612
Lender Fees: $1,125
$3,322 /mo
Mutual of Omaha Mortgage, Inc.
NMLS #1025894
6.013%
15-Year Fixed
5.875%
$3,552
Includes 0.713 points for $2,852
Lender Fees: $700
$3,349 /mo
District Lending
NMLS #1835285
6.368%
30-Year Fixed
6.250%
$5,000
Includes 0.750 points for $3,000
Lender Fees: $2,000
$2,463 /mo
Surety Home Loans
NMLS #1981224
6.403%
30-Year Fixed
6.250%
$6,500
Includes 0.625 points for $2,500
Lender Fees: $4,000
$2,463 /mo
Rocket Mortgage
NMLS #3030
6.513%
15-Year Fixed
6.375%
$3,500
Includes 0.875 points for $3,500
Lender Fees: $0
$3,458 /mo
Watermark Capital
NMLS #1838
6.739%
30-Year Fixed
6.625%
$4,719
Includes 0.805 points for $3,220
Lender Fees: $1,499
$2,562 /mo
Solidify Mortgage Advisors
NMLS #1283930
License: 01970483
6.749%
30-Year Fixed
6.625%
$5,125
Includes 1.000 points for $4,000
Lender Fees: $1,125
$2,562 /mo
Surety Home Loans
NMLS #1981224
6.788%
5-Year ARM
6.625%
$6,840
Includes 0.940 points for $3,760
Lender Fees: $3,080
$2,562 /mo
District Lending
NMLS #1835285
6.890%
5-Year ARM
6.750%
$5,756
Includes 0.939 points for $3,756
Lender Fees: $2,000
$2,595 /mo
Mutual of Omaha Mortgage, Inc.
NMLS #1025894
6.958%
30-Year Fixed
6.875%
$3,392
Includes 0.673 points for $2,692
Lender Fees: $700
$2,628 /mo
PenFed Credit Union
NMLS #401822
7.034%
30-Year Fixed
6.875%
$6,500
Includes 0.625 points for $2,500
Lender Fees: $4,000
$2,628 /mo
Rocket Mortgage
NMLS #3030
7.313%
30-Year Fixed
7.250%
$2,500
Includes 0.625 points for $2,500
Lender Fees: $0
$2,729 /mo
Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

If you live in the state of New Jersey and are looking for quotes, you can find lenders in our rate list quoting 15 year refinancing rates as low as 2.25 percent with points. The lowest 15 year refi rates on our list for NJ without points are at 2.375, still 30 basis points below the national average rate. These rates are quoted on a conforming refinance loan with 20 percent equity and a FICO score of at least 680.

Across the country in California, we also have banks and lenders quoting 15 year rates well below the average. The lowest 15 year refinance rate right now on our CA rate list are at 2.25 percent with 1 mortgage point. The lowest 15 year California refinance rate without points on our list are at 2.375 percent.

There are many benefits to refinancing from a 30 year loan to a 15 year loan, the main benefit is saving tens of thousands or even hundreds of thousands of dollars in mortgage interest payments. The other main benefit is owning your home outright in 15 years instead of 30 years. The only drawback of a 15 year loan vs. a 30 year loan is higher monthly mortgage payments. This is the main reason why most homeowners choose a 30 year loan instead of a 15 year loan.

If you're refinancing to a 30 year mortgage loan, the national average 30 year rate this week is at 3.43 percent. 30 year rates are just above an all-time record low of 3.27 percent but right now you can find lenders quoting rates below the record low. If you live in the state of Florida, right now we have lenders quoting 30 year conforming refi rates as low as 3.00 percent with points. The lowest FL refi rates without points on 30 year loans right now are at 3.24 percent.

 
Author: Brian McKay
April 29th, 2013

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