Freddie Mac reported that the average rate increased from 3.38 percent to 3.42 percent this week. However, Consumer Daily was still able to find very low mortgage rates.
Palm Beach, FL (PRWEB) January 30, 2013
Some believe that this increase may be the beginning of a much larger increase in mortgage rates.
The reason why there’s still low rates to be found is because only certain lenders will offer these lower rates. As the average rates increase, homeowners stop trying to refinance. When there’s less demand for a new mortgage, many banks and lenders will try advertising lower rates in hopes for new business.
Consumer Daily has a mortgage rates comparison tool that is quite unique. Over the years, mortgage websites will rarely post more than a few rates. They usually only offer one database of rates. However, Consumer Daily’s approach was to use two large databases of bank and lenders. With both these databases, homeowners have a much higher likelihood to find a really low rate.
Homeowners may compare both of these databases online within a few seconds here:
Below are two examples, each 30 year fixed mortgage with two different lenders for each balance:
Homeowners with a $150,000 balance;
Lender (lowest): $663/month;
Lender (highest): $700/month;
Homeowners with a $300,000 balance;
Lender (lowest): $1,315/month;
Lender (highest): $1,365/month;
The above monthly payments have been found for two different lenders and also two home loan amounts.
Those savings can sometimes be enough to pay for more than half of an entire month’s mortgage payment.
Homeowners may check today’s refinance rates from two databases of lenders; rates are available here.