Freddie Mac announced yesterday that the national average mortgage rate for a 30 year fixed mortgage is still at the lowest point in history. These low mortgage rates have created an incredible opportunity for homeowner’s to refinance into mortgages with lower monthly payments. This is apparent in the type of mortgage applications being filed. Freddie Mac’s 
chief economist noted that about 80 percent of mortgage applications have been for refinancing.
Currently at Total Mortgage a 30-year fixed conventional mortgage has a rate of 4.125% and a 4.323% APR. Borrower’s who have mortgages with higher mortgage rates stand to save a lot of money by refinancing right now.
For example if you have a mortgage with a 5.500% rate and planned to refinance for $300,000, you could save yourself almost $360.00 a month with Total Mortgages low 4.125% mortgage rates. Taking into account taxes and closing costs you could save $15,402.98 throughout the life of the loan.
| Mortgage Product | Mortgage Rate | Monthly Payment | |
|---|---|---|---|
| Borrower’s Rate | 30-Year Fixed Conventional Mortgage | 5.500% | $1,703.37 |
| Total Mortgage’s Rate | 30-Year Fixed Conventional Mortgage | 4.125% | $1,344.33 |
| Monthly Savings | $359.04 | ||
To figure out exactly how much you stand to save by refinancing check out our Should I Refinance Calculator. For additional information on refinancing contact on of your licensed mortgage experts at 877-868-2503.
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