According to Informa Research Services, a subsidiary of Informa plc (LSE: INF), the national average rate on a 30-year fixed mortgage loan remains steady at a scant 5.18 percent. With rates hovering so low, consumers may want to consider refinancing their home loan depending on their current mortgage.
By refinancing their mortgage, consumers can save money immediately by lowering their monthly mortgage payment as long as the refinanced mortgage carries with it a lower APR. For instance, if a consumer is paying 6.000 percent on their current mortgage and they are able to refinance it with a loan with an APR of just 4.750 percent, for a $200,000 loan, consumers can save over $150 a month! Over the course of a year, this quickly accumulates to nearly $2,000!
To find the lowest refinancing rates currently available, refer to the rate tables featured on http://www.realtytrac.com/finance/. By using their regularly updated tables and their search filters, consumers can quickly locate the lowest rates available and start saving money on their mortgage. In addition to having convenient search features, these tables feature reputable lenders, such as AimLoan.com, who offer rates well below the already-low national average.