Mortgage Refinance Rates Lower to Record Levels

Mortgage refinance rates have hit new all time lows during the last few days, according to Wells Fargo Home Mortgage. The most recent mortgage rate for a 30 year fixed rate mortgage that has been published is below 4.49%, which is lower than the weekly all time low average of 4.61%.  This caused a flurry in mortgage refinance activity for banks and lenders across the country.

It’s very likely that Wells Fargo’s mortgage interest rates will hit a new all time record low this week.  Borrowers are seeking a variety of refinance types; conforming refinance, FHA refinance, rate and term refinance and of course cash out refinancing..

Many homeowners may try to time the bottom of the mortgage rate market, but most indications point towards this being the bottom.  Unfortunately for some of these consumers, it will be very difficult to determine this because the low refinance rates that consumers are receiving now are historically unprecedented. Analysts don’t have much to base their predictions on to know when mortgage interest rates will reach their absolute lows.

Consumers that are paying interest rates above 5% on their mortgage might want to consider mortgage refinancing. It’s probably better to accept the lowest available interest rate today, because even if mortgage rates drop slightly lower, they are still at interest rates which are close to 40 year lows. By taking out a refinance mortgage, you may save hundreds of dollars per month in interest that could be used to lower your mortgage’s principal balance.