Record-Low Mortgage Refinance Rates in July; Consumer Daily's Unique Comparison Helps Homeowners Slash Their Payments

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Dozens of media outlets reported that mortgage rates dropped to new lows this July. This is great news for homeowners with a home loan. There is an opportunity to get lower mortgage payments and a lower rate if homeowners refinance with the right lender.

Consumer Daily Mortgage Rates
It can be difficult for many consumers finding rates and monthly payments this low, but there is a solution.

Consumer Daily provides an up-to-date list of mortgage rates from a vast database of lenders and banks. Consumer Daily finds many low home loan rates that most homeowners are unlikely to find on other websites by taking a unique approach.

For mid-July, rates have been spotted for these common loan types:

30 year fixed: 3.9%
15 year fixed: 3.2%
1 year ARM: 3.04%

For the most common type of home loan, 30 year fixed, the following monthly payments have been found:

Homeowners with a $300,000 balance, monthly payments from $1,330.
Homeowners with a $150,000 balance, monthly payments from $670.
Homeowners with a $100,000 balance, monthly payments from $450.

There can be a problem for many consumers finding rates and monthly payments this low. Many lenders and banks will not give these rates out—unless they are looking for more business. The best strategy to finding these lower rates is by comparing as many lenders as possible. When more lenders compete—this gives a higher probability of finding the best rate.

Additionally, consumers have stated that one comparison of lenders can leave a few rates out. Homeowners can possibly miss the best rate by not comparing enough lenders. That’s why Consumer Daily has been adding more lenders.

Recently reported, Consumer Daily added a second database of lenders to provide nearly double the amount of available rates. Virtually all comparison websites only feature one database of lenders.

Consumer Daily’s mortgage comparison tool is very simple to use. Homeowners need to supply their zipcode, the value of their home, the amount owed on their home, and a type of mortgage. It takes 10 seconds for homeowners to discover the lowest mortgage rates available from two large lender databases. Current refinance rates are available here.

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