If you desire a fixed refinance rate today then you must know that current affordable mortgage rates are available. At the present time the 30 year fixed mortgage rate is around 4.82% which is very low when looking at historical mortgage rates. This is a very affordable level and it would be wise to take advantage today rather than wait and risk mortgage rates moving higher.
Current 30 year fixed mortgage rates have been between 4.8% and 5% for the entire year of 2010. What you must understand is that these are conventional mortgage rates are only available to borrowers who have a significant amount of equity in their home and a credit well above 740. If you do not have these requirements you are going to see a higher mortgage rate.

Today is one of the best times to refinance your current mortgage because Pres. Obama and his staff have worked hard to keep interest rates low. Over the last several months the Federal Reserve Bank has purchase mortgage-backed securities which have helped to keep the 30 year fixed mortgage rate at or below the 5% level.

At the end of March the Federal Reserve Bank is going to stop making these purchases and it could push mortgage higher. With this being the case you're going to see fixed refinance rates move up and this is going to make it much less attractive to go to the mortgage process. Make sure to take advantage of the affordable mortgage rates today.

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