Q:

How do you find current mortgage refinance rates?

A:

Quick Answer

Financial institutions such as Wells Fargo provide the current mortgage refinance rates for 30-year fixed rate loans, 15-year fixed rate loans and 7/1 adjustable-rate mortgages, according to the company’s website. Financial websites such as Bankrate also provide the current refinance rates for mortgage loans.

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How do you find current mortgage refinance rates?
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Full Answer

Wells Fargo provides the current mortgage rates for conforming and FHA loans along with larger loan amounts and jumbo loans, as the company’s website indicates. A conforming loan is a mortgage with a loan amount up to $417,000 for one-unit properties set forth by the government-backed mortgage institutions Fannie Mae and Freddie Mac, explains The Truth About Mortgage.

Bankrate provides current mortgage rates based on the loan purpose, such as a refinance, the loan type, the loan amount and the down payment, as the website notes. Bankrate also provides a search tool allowing users to determine the current average interest rates based on location. The rates include the average for 30-year fixed rate mortgages, 15-year fixed rate mortgages and 5/1 adjustable-rate mortgages. An adjustable-rate mortgage is any loan whose interest rate fluctuates over the life of the loan, explains The Truth About Mortgage. For 5/1 ARMs, the loan does not adjust for the first five years of the loan; however, the loan does adjust once the initial fixed rate expires.

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