The average for 30 year fixed mortgage rates has been quite low for over 18 months. Pres. Obama and Federal Reserve Bank chairman Ben Bernanke have worked very hard to keep interest rates low for an extended period of time. If you have followed the interest-rate market whatsoever you have noticed that the Fed funds rate and mortgage interest rates are extremely low at the present time.


If you have an attractive credit score it would be wise to take advantage of these low interest rates while they last. Many analysts have predicted that interest rates are likely to move up in the near future as the Federal Reserve Bank is no longer purchasing mortgage-backed securities and the 10 year treasury rate yield is attempting to uptrend.

With 30 year fixed mortgage rates well below 5% now is a great time to refinance your current home loan or lock in to your first home loan at a very low level. It is important to note that you’ll need a very good credit score, above 740, to have the ability to access low interest rates and the current economic environment.

Author: Jeremy North