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Summary: Fixed rate mortgages will normally be the lowest rate that is available on a property. Better understand what refinancing is and the terminology to go along with it through tips and advice from an experienced financial adviser in this free video.
Patrick Munro's affinity for investing and financial matters began more than 20 years ago with business education and service throughout the ranks of the banking, insurance and...read more
"This is financial adviser, Patrick Munro, discussing the difference between refinancing rates and fixed rate mortgages. Fixed rate mortgages are by far the best rate because it is the initial mortgage that is setup on the property to a credit worthy borrower. Normally this will be the lowest rate that is available on the property. The only way to get a lower rate than that on refinances is if the prevailing interest rates are declared as lower, during a period of time that has elapsed since the primary mortgage has been taken out. This can happen, in fact it has happen recently with affect that the Federal Reserve has lowered interest rates to fight inflation. However, the ten year yield curve on mortgages has gone up accordingly, so it is kind of a washed situation. There are many ways to negotiate a good mortgage rate, but refinancing rates are normally higher. This is Patrick Munro discussing the difference between mortgage refinancing rates and regular interest rates."
eHow Article: Refinance vs. Fixed Rate Mortgages
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