How to Find Current Mortgage Refinance Rates

Current mortgage refinance rates are relatively easy to find, and critical for figuring out whether or not it is time for you to get a refinancing mortgage. A refinancing mortgage only makes sense if the current mortgage refinance rates are low enough that you will quickly pay off the closing costs through saved monthly payments. Here's how to find the current mortgage refinance rates and get the best possible rate for you.

Difficulty: Moderately Easy

Instructions

1. ~ Check the Federal Reserve Rate ~
   
   The Federal Reserve does not directly set refinancing mortgage rates. However, the overnight lending rate set by the Federal Reserve often directly affects the percentage banks will offer. Knowing the Federal Reserve rate can help you determine whether or not you are getting the best refinancing mortgage rate.

2. ~ Call your mortgage company first ~
   
   Your own mortgage company has a history of your faithful payment and a vested interest in keeping your mortgage. They make money if they do, they stop making money if they do not. As a result a refinancing mortgage is often, but not always, easier and cheaper with your current mortgage company. Ask what the current mortgage refinance rate is given your credit score, loan size, equity, payment schedule, and other factors. Ask them to give you an estimate of closing costs.

3. ~ Check with several other mortgage brokers ~
   
   Check with online and in town mortgage brokers to see who has the best current mortgage refinance rates. Refinancing mortgages are absolutely dependent on the best rates. Call each broker and give a detailed picture of your credit score, loan size, equity, and desired payment schedule. Ask for the same conditions from each mortgage broker in order to compare apples with apples while refinancing.

4. 
    
   Cash in Hand with Refinancing

   ~ Change your mortgage terms to lower the rate or the payment ~
   
   Depending on what you need you can change your refinancing mortgage terms in order to lower your payment or to lower your interest rate. Shorter term mortgages have lower interest rates generally, but higher monthly payments. Long term refinancing mortgages have higher interest rates but lower payments.
   
   * See more tips below on finding current mortgage refinance rates.

Tips & Warnings

• Having liquid cash available helps your credit score and increases the chance of a low refinancing mortgage rate.
• Correct any credit mistakes before pursuing a refinancing mortgage.
• Keeping your debt to credit ratio low is important in getting the best refinancing mortgage.
• Let your current mortgage company know the terms you found and ask if they can beat the refinancing mortgage rates for you or wave significant closing costs.
• See related articles on this page for more information about current mortgage refinance rates.

Resources

• When to Refinance Rule of Thumb
• Foreclosure Refinancing