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|Year||Average 15-Year Mortgage Rate|
This table shows the annual average 15-year rate fixed mortgage for each of the following years dating back to 2016. Due to historically low mortgage rates, experts recommend locking in your rate soon, because rates can’t stay this low forever.
Recently, the US Federal Reserve set Federal interest rates to almost 0.25%. This is amazing news for anyone looking to take out a mortgage or refinance.
In the simplest terms, mortgages are basically large loans from banks or financial institutions. It’s just another way to borrow money.
For example, if you borrow $200,000 at 3.00% APR, you will pay approximately $6,000 per year for the ability to have $200,000 to purchase a house to live in. This is why mortgage rates are so important, because the higher your mortgage rate, the more money you will pay in the long-run.
If you have a mortgage, experts say now is a good time to lock in low refinance rates. Relatively speaking, rates are still near a historic low. Realistically, with the Federal Reserve’s FOMC forecast, rates are going to rise for the next 6 months, so not locking in low rates now could cost you in the future.
Simply put, at this point in time, because Federal interest rates are still low, if you don’t think about locking in your mortgage loan now, you’ll likely miss out, because it is unlikely for rates to stay near 0.25% forever.
No! Checking your mortgage rates is totally free! We only feature companies on this page that are 100% free to check your rate with.
There’s no harm to see if you qualify for a mortgage loan rate today.
Checking your rate will also NOT affect your credit score.
Virtually any mortgage is eligible to be refinanced. There is also no limit on the amount of times you can refinance your mortgage. Common types of mortgages include:
Mortgage refinancing can lower your monthly mortgage payments by reducing the amount you’ll owe in interest every month. Although there might be some minor fees for refinancing with some lenders, if you reduce your interest rate, you’ll likely save more money every month.
Because interest rates are so low, mortgage experts recommend refinancing now.
No! There is no impact to check your mortgage loan rate with any company on this page. A lot of the companies on this page also offer cash-out refinancing, where you can take out a cash loan of $1,000 to $100,000 against your home at extremely low interest rates.