Our thanks to docstoc.com for the graph in the link below showing the History of Mortgage Interest Rates from 1971-2008. The current mortgage interest rates for borrowers with a good credit score, and low debt to max credit ratio are almost as low now as they were in the early 1950′s. The average 30 year fixed mortgage interest rate is around 4.97% and the average 15 year fixed rate is around 4.4%. Right now is an excellent opportunity to refinance a mortgage if current mortgage interest rate is about 1.5% or higher than current prevailing mortgage market rates. Don’t let the lender rip you off with unreasonably high closing costs. The 15 year fixed is the best deal, will get you out of debt quicker, and save a bundle of money in interest charges over the 30 year option.
Please click on link below to view mortgage history graph: