Refinance Mortgage Rates Fall to low of 3.82

Bruno Simpson Last Updated Sep 01, 2017 (0) comment

Refinance Mortgage Rates

APRs for FHA, VA, USDA & Conventional Mortgages Reach New Low

Today’s mortgage rates for long-term loans show a fifth week of decline. The 30-year rate is averaging at a 2017 low of 3.82% which is down from last weeks rate of 3.86%.

Mortgage Rates Were Lower Last Year

At this same time last year we saw rates hit a low of 3.46%  and they generally averaged 3.65%. Because rates remain so low, current homeowners have a great opportunity to refinance their mortgages.

Looking back to 2014, the national average for 30 years loans was at 4.23 percent. This indicates that today’s rates, while they are higher than last year, are still very favorable whether you are refinancing one of those higher APR mortgages or buying a new home altogether. To add a cherry to that, loan fees on 30-year mortgages did not change and remain low at 0.5 point. This same low fee is also in play for 15-year loan options.

Among those who are enjoying better than average mortgage rates, it seems to be homeowners that are opting into special loan programs like the FHA Streamline Refinance, VA Streamline Refinance, and the Home Affordable Refinance Program (HARP).

15-year Fixed Rate Mortgages Also Low

Moving into the Labor Day holiday, the 15-year fixed rate mortgage options also shows a dip from last week with APRs averaging at 3.12%, down from last weeks 3.16% average. 15-year fixed rate options are also popular mortgage refinance options.

 

free mortgage quote

Adjustable Rate 5-Year Mortgages Fall

Maybe a 30 year or 15 year loan option isn’t right for you. If you need an even shorter term mortgage like a five-year loan, you’re in luck! The rates on these fell by 0.03% this week and you can enjoy a low of 3.14% this week. This is down from last week’s average of 3.17% and fees for these match that of the 30 and 15 year options at 0.5 point.

Mortgage Refinance Options

FHA Streamline Refinance

This program is available to people with existing FHA loans. Streamlined refinancing refers to the FHA Streamline Refinance which offers a process that is convenient and easy. The streamline refinance allows borrowers to refinance an existing FHA loan without going through the full burden of providing credit documents and the more typical underwriting and loan approval process. So whatever you went through to get that first FHA loan approval… Well, this time around the process is much easier. On top of convenience, an advantage to borrowers is that they will typically benefit from rates that are below the average conventional mortgage rate. For the most part rates are lower because FHA refinance loans are insured by the federal government which reduces risk to any FHA lender.

VA Streamline Refinance

The VA Streamline Refinance  is similar to the FHA streamline refinance in how it offers convenience during the application period. This program doesn’t require the borrower to go through that same underwriting experience as the original VA loan origination. Also, with a VA refinance option, this mortgage is backed by the government and gives U.S. lenders a “guarantee” that often makes lower than average interest rates available.

Conventional Mortgage Refinance

Conventional mortgage refinances are loans that are controlled by the folks at Fannie Mae or Freddie Mac. These are the folks that often survey the market to help establish what the average mortgage rates are week over week. Conventional loans, unlike FHA and VA refinances, will typically require their borrowers to have excellent credit scores. If you don’t know what an excellent score is, click here to learn what FICO scores are required for home loans. Those with the best credit scores will obviously be given an opportunity to get the absolute best market APRs.

USDA Streamline Refinance

USDA mortgages have been around since 1949 and it is the governments way of helping people in rural areas purchase real estate with no money down, less credit requirements, and at a low interest rate. Like VA mortgages and FHA loans, USDA mortgages are insured by the U.S. government and that extra backing helps reduce risk. As things go for the refinance, like any streamlined refinance, the borrower doesn’t have to go through an incredibly exhaustive underwriting process to get approved.

The USDA streamlined-assist refinance  also doesn’t require any property appraisal or specific income requirement. If you have a current USDA mortgage, the USDA refinance option is probably the easiest way to improve your APR.

Get A Custom Mortgage Rate Quote

If you recently purchased your home, maybe a few years ago, maybe it’s time to consider a home refinance. The market is aggressive and home lenders are offering some really competitive home loan quotes to qualified buyers. With no obligation, take a minute to compare today’s mortgage rates to your current APR and improve your situation while the market is favorable. A lot of people are saving a lot of money this year so take some time to see if a refinance loan makes sense.

For your custom, live mortgage rate quote, click our Get Started Button today. This process is quick, simple, and requires no obligation or social security number.

GET STARTED

Bruno Simpson

Contributor at FHA Loan Search
Mr. Simpson is based in the San Francisco Bay Area and has nearly a decade of experience in credit score and reports analysis, loan origination and the home loan application process.

He is an experienced presenter on affordable housing topics including FHA, VA, and conventional home loan programs.
Bruno Simpson

Pre-Qualify For The Lowest Interest Rate

Get custom home loan advice from a mortgage expert today.

Get Started Here
FHA Loan Checklist Credit Check

Register to FHA Newsletter