Todays Low Mortgage Refinance Rates & Zero-Closing Costs

changing mortgage rates

Todays Low Mortgage Refinance Rates & Zero-Closing Costs

How long should you hold your loan before considering refinance mortgage rates?

Most American homeowners are holding their mortgage loans for longer periods  according to a Freddie Mac. Data from 2014 shows that the median age of a refinanced mortgage loan increased by two years from 2013 with an average age of 7 years. Almost triple the median age of a mortgage loan in the period prior, reaching the highest levels since Freddie Mac started following the data in the two decades ago.

We can observe that todays homeowners are less likely to take completely take advantage of the refinance mortgage rate opportunity presented by this sustained drop in mortgage rates than homeowners during any period of history.

Check Today’s Live Mortgage Refinance Rates Now

Even with the assistance provided by the federal governments Home Affordable Refinance Program (HARP), the average home loan age of over 7 years, and historically low interest mortgage refinance rates, homeowners still underrate the potential savings from a reduced interest rate on a mortgage refinance. While today’s mortgage refinance rates remain historically low and represent a significant opportunity for homeowners to mortgage refinance and save money on mortgage interest expenses, there’s a wide range of reasons why many homeowners have yet to refinance.

The federal government is working to alleviate the concerns many homeowners have with the mortgage refinance market. A recent government campaign identified those homeowners that are eligible for mortgage refinance by state. As expected, they observed that the majority of refinance eligible homeowners reside in the most populated states like Florida, Texas, and California. There are homeowners eligible to refinance their existing mortgage all across the nation – check your mortgage refinance rate offers today.


Are you a homeowner interested in refinancing your existing mortgage loan at todays low refinance mortgage rates but concerned that you will renew the term of your mortgage loan for another 30 years? Homeowners that refinance from a 30 – year mortgage loan to a 15-year mortgage loan can expect to pay less than half of the interest expenses on their new refinance rate loan. Todays refinance rates for 15-year mortgage refinance loans are very favorable, and at the reduced term for the loan, the savings in interest expense is relatively substantial.


Millions of Homeowners are Eligible to Save Cash when they Refinance their Mortgage

When homeowners consider todays mortgage refinance rates and decide that closing costs may be too high relative to the interest savings from a lower borrowing rate on their existing mortgage loan to follow through with a refinance, they should take a look at lender offers for zero-closing cost refinance mortgage rates.

How do zero-closing costs mortgages work? Generally, for mortgage loan sizes of $250,000 and greater, zero-closing costs can be made available to the mortgage borrower in the loan terms. By increasing the mortgage interest rate by on average .125% and .25% per year, mortgage borrowers can use todays low mortgage refinance rates to their advantage and combine the costs into the loan over time.

Zero-closing costs mortgages are available at todays mortgage refinance rates for most types of loans including conforming mortgage loans, FHA backed mortgage loans and VA home loans nationwide.