The average for 30 year fixed mortgage rates has dropped to 4.7% a day after the Federal Reserve Bank meetings.? Wells Fargo and many other mortgage lenders including Bank of America are currently showing mortgage interest rates very close to this level.? The conventional 15 year fixed mortgage rate is also extremely low at 4.22%.? If you are looking to lock in to a low rate now is the time to get started.


There is no doubt that there is going to be a huge amount of traffic when it comes to mortgage rate searches when 2010 rolls around.? Rather than wait for all of these people to submit mortgage applications it might be a good idea to go ahead and submit yours a little bit early so your application is not sitting on the bottom of the stack.? If you submit your application sooner rather than later you can avoid the rest of Americans who want to refinance.

WIth 30 year fixed mortgage rates at such low levels there is no reason that you should not at least do some research as to what mortgage interest rate you will get.? Just because you see an advertisement for mortgage rates under 5% does not mean you will qualify for this rate.? If you have bad credit and little equity in your home then it is highly likely that your mortgage rate will be much higher than 5%.

Even if you do not qualify for a mortgage rate under 5% it does not mean that you should not go through with the process.? If now is the right time for you to get your first mortgage or refinance your current mortgage then sometimes it doesn’t matter a great deal as to where mortgage rates are currently at.? if you can save a full percentage point on your refinance then it is probably worth it to go through the process.

Before making the final decision to lock into a mortgage rate right now it is a good idea to step back and analyze your current financial situation.? If you have found 2009 to be a very difficult year financial and you are in huge amounts of debt it might be a better idea to focus your efforts on getting out of debt before you get a new mortgage.

Author: Jesse Wojdylo