With
average 30 year and 15 year fixed-rate mortgages jumping up to several basis points over recent days, consumers who have been holding out hoping to catch best level of refinance wave may wonder if they have missed boat. Not necessarily. At present equity markets are making a rebound. If Dow goes above 9,000 mortgage rates could rise to or through 7 percent. Two weeks ago thirty-year mortgage rates stood at an average 5.98 percent compared with 6.01 percent previously, beating record low September 27th. Fifteen-year mortgages dropped to an average 5.34 percent, a new record low from its previous record of 5.40 percent last week.
A year ago, 30-year mortgages averaged 6.58 percent while 15-year mortgages averaged 6.06 percent and ARM 5.26 percent. But in just a few days mortgage rates rose 0.25%. and rise continues. Consumers are now having to make tough decisions as to when to make their move and snap up a bargain loan rate before bargains all gone.
Mortgage Loan Search at http://www.MortgageLoanSearch.cc reports steady financing activity as borrowers pocket cash and save thousands over life of loan thanks to current low rates. Rate shoppers are finding that some of best deals for home loan refinancing are offered by local banks and credit unions.
Mortgage Loan Search notes that rate shoppers are finding it best to work with their current local mortgage lender rather than settle for more remote lenders with out a proven track record. Still to get most attractive rates at lowest levels and save thousands in finance costs savvy bargain hunters do well to allow other lenders an opportunity to meet or beat a competitive offer.
Once a few attractive offers are made rate shopper takes them to current local mortgage lender and asks them to meet or beat it. The most effective way to get refinancing word out and competitive offers pouring in is by making good use of Internet based lending marketplaces. Lending networks offer low rate shopping in a highly competitive bid-for-your-business marketplace.
A lending marketplace allows consumers to more easily pit lenders and brokers against one another and therefore end up with a great mortgage rate in end. Consumers simply complete one application that is submitted securely to several lenders at one time. Lenders who win bid value their potential customer more and are more often willing to offer a much better product with greater incentives and lower rates. You have more options in choosing loan that's best for you.
