At the present time we are seeing the 30 year fixed rate around 4.75% while the 15 year fixed mortgage rate is around 4.15%. When looking at historical data of mortgage rates you can clearly see that this level is very close to all-time lows. Over the last several months we have seen 30 year fixed rate under 5%.

There are many mortgage lenders that will allow you to get preapproved for a low mortgage rate and as little as 30 minutes. It is extremely important to understand that you will have to go through the application process before you get 100% accurate rate quote.

At this time you can better understand how much money you will save by signing a mortgage today. If you are looking to refinance the general rule of thumb is that you must save at least one full percentage point to cover the refinance costs and save money over the long run.