Bank of America has put a lot of money into their current marketing plan to get people to use them for mortgage rates.  Every single day I see a TV commercial for Bank of America home loans.  The internet is littered with Bank of America mortgage rates ads.  I will be the first to admit that I cannot stand Ken Lewis, but their marketing department is stepping up to the plate, thats for sure. 

When searching refinance best rates, it looks as if around 5% is the best mortgage rate to get right now.  Has anyone out there gotten a rate under 5% on a 30 year fixed rate mortgage?  I have several friends who have gotten great rates on 15 year mortgages but that is not what I am currently looking at.  Anyone have an experience going to the lenders lately?

Getting an accurate mortgage rates forecast is something that could save you quite a bit of money over the long run.  Can you imagine if you have refinanced in March at 4.5% versus in early June at 5.6%.  The difference in a few months could end up saving you hundreds of dollars a month on a mortgage payment.  The problem is actually getting an accurate mortgage rates forecast. 

With the government attempting to put a cap on rates, it looks like my interest rate forecast is for rates to go down, down down.  How is there any way they can go up when the Federal Reserve continues to buy up United States debt?

So after we broke the downward trend in overall mortgage rates in early June, it looked like we were going to see higher mortgage rates.  Now it looks like we are right back in that trend channel.  Keeping up with overall mortgage rate trends has not been that easy over the last few months, but if could save you hundreds of dollars a month on your mortgage payment. 

Average Mortgage Rates Moving Lower?

Now that mortgage rates are coming down a ton, what are the best home loans out there?  I am thinking about a 30 year fixed, is this the best route to go?  I am afraid of an ARM because I have heard all the stories about friends and families home loans getting reset and them not having the money to pay for it.  I definitely don’t want this to happen to me!

Now that the economy seems to be getting much worse, I would imagine we are going to see a lot more people try to get a home loan modification.  The one bit of advice I would give is to do as much research as you can and if you do not know what is going on you should seek professional advice.  Your mortgage is the biggest financial decision in your life, you need to take it very serious.  You may get a very low mortgage rate if thinks continue the way they are.

Its been awhile, but just a quick update that average mortgage rates are likely to head much lower in the coming weeks.  The 10 year treasury rate broke down, so it is likely we will see lower mortgage rates. 

Trying to find low refinance rates is something that many Americans are doing in the current economy.  Daily mortgage rates continue to fluctuate but head lower overall so it is possible to get low rates.