If you own a home it's a great idea to stay informed about mortgage refinance rates. It's hard to predict which way the interest rate market will move, so getting a regular upate on home refinancing rates will allow you to take advantage of money saving opportunities as they come up.
Mortgage Refinance Rates the Week of November 14, 2016
- 30-Year Fixed Refinance Rate: 3.625% APR: 3.708%
- 20-Year Fixed Refinance Rate: 3.375% APR: 3.509%
- 15-Year Fixed Refinance Rate: 2.875% APR: 3.013%
- 10-Year Fixed Refinance Rate: 2.875% APR: 3.055%
Rate Quote Assumptions: These rates are based on the following assumptions and are not guaranteed: $300,000 mortgage value, $400,000 home value, includes discount points and a credit score of 740+. To see what rates you qualify for click here. Rates fluctuate daily and may have changed by the time you read this update.
Tips to Get the Best Mortgage Rates
If you're considering refinancing your mortgage there are some simple steps you can take to get the best deal possible. Getting the best mortgage rate for your refinance comes down to being organized, knowing how to compare mortgage rates, avoiding unnecessary fees, and being ready to lock.
- Organize all your financial information. Get all your financial account statements, pay statements, current mortgage statements, and tax returns from the last two years in one place.
- If you don't know your credit score, go to a website like Credit Karma to get a free credit score and to see if there are any issues on your credit report. Here are some tips to help you boost your credit score.
- Determine if there is a financial benefit to refinance. You can use our free mortgage refinancing calculator to see if you should refinance. You can also read about calculating your breakeven point and why it is important.
- Use accurate financial and credit information when getting refinancing rate quotes so the quote is as accurate as possible.
- Ensure your debt-to-income ratio is 45% or under on the backend. Here are some strategies to lower your debt-to-income ratio quickly.
- Remember that you can shop for rates in a relatively short period of time (2-4 weeks) and avoid a negative impact on your credit score. Only the first credit check when mortgage shopping will have a small impact on your credit score. Read this post on how rate shopping impacts your credit score.
Should I lock my mortgage rate?
If you've ran all the numbers and there is a financial benefit to refinancing then you can lock with confidence. Rates are currently at historic lows and nobody knows how long they will stay this low. If you try to time mortgage rates you may end up holding the short end of the stick. Mortgage rates fluctuate daily and could turn against you. When you lock your mortgage rate you protect yourself from potential rate increases which could cause you to miss out on a lot of savings.
The best course of action is to be financially organized, calculate the financial benefit, and take action while mortgage rates are in your favor.
Get started today by getting a free and accurate rate quote.