Best Refinance Mortgage Rates

Refinance Rates

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Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

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There is a close link between your credit scores and the refinance mortgage rates you'll be able to secure. We have an extensive guide on fixing up your scores and so much more on our credit scores page!

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We are the #1 independent resource for mortgage refinancing on the web; and our partners have the best mortgage refinance rates available on the web.

Finding the best mortgage refinance rates might be a little easier today than it was ten years ago because of the internet and other modern technology. Where it used to be that someone called up their bank to request a loan, now they can deal with any lender across a broader geographical area. Faxes, email and online forms have allowed mortgage refinance applicants easier access to lenders. Modern technology has also made instant access available. Many websites return quotes in minutes, enabling home owners to start the refinance process faster, and to complete the deal sooner. No longer having to wait for an appointment, applicants send their documentation to lenders and wait for approval.

Although mortgage rates are advertised at the lowest number possible, there is always fine print attached to the promotion. Not everyone qualifies for the refinance rate listed. This is a starting point for the very best customers. In order to receive the best refinance mortgage rates, lenders will review credit history and score, income, length of refinance mortgage, and the number of mortgages on the house or property. Second and third mortgages are always going to be higher than the first because they are riskier than first mortgages. Even if you have the equity in the home to cover the second mortgage, the lender is behind the first creditor in the case of a problem so you pay for that.

Another factor which impacts the best refinance mortgage rates is the area in which you live. Some states have considerably lower interest rates depending on the economics of the region. Local and state governments may offer special programs to stimulate the economy, thereby giving its residents an advantage or break in mortgage and refinance rates. Additionally, the type of house in which you live may affect your mortgage rates. Being on the outside of town or in rural areas may increase your mortgage rates due to the fact that the houses outside of the city are not as appealing to investors. Your best refinance mortgage rates are going to be found for popular houses within a metropolitan area.

Other factors that affect receiving the best refinance mortgage rates are things that happen while in the process of applying for the loan and closing the loan. For example, let us assume that the lender has agreed to a particular rate and terms, then during the time it takes to sign the papers and close the deal, your circumstances change. Maybe you have taken a wage cut, or have transferred departments and you receive commissions now instead of a salary. Once lenders see this, they may still offer a refinance mortgage, but may now add further costs and increase the mortgage rate.

Clearly, many factors affect your ability to receive the best refinance mortgage rates.

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