Current Mortgage Rates

Tuesday, January 06, 2009



Here are a few ways to get you started toward eliminating your debt:
  • Pay more than the minimum payment each month. Did you know the minimum payment amount is usually 2 to 3% of your balance? On a $2,500 credit card balance with a 2 percent minimum payment, you would pay only $50 toward decreasing that debt and the majority would be applied towards interest and not principal. Pay a little more than the minimum payment required each month and you'll be surprised at how fast that credit card balance decreases.
  • Snowball your debt: Many self styled "debt experts" will advise you to pay off your smallest debt first without regard to the rate of interest on each of your debts. While this may give you a psychological boost, and there's no doubt that can be helpful if you're feeling overwhelmed by your debt, it's simply bad financial advice; in the long run, you'll end up accruing more debt on the higher interest cards while you're paying off the smaller cards. Start with the highest interest debt first, and pay it off as quickly as you can while making at least minimum payments on each of your other cards, and repeat the process with each of your other debts, in order of the highest interest rate, until you have all your debts paid off.
  • Call every one of your credit card companies and request a lower interest rate. You may be surprised at how quickly some of them will agree. Lower interest rates mean you can eliminate your credit card debt more quickly without increasing your payments.



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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed5.25%
30-yr. fixed jumbo7.12%
15-yr. fixed5.00%
15-yr. fixed jumbo6.62%
7/1 ARM6.25%
5/1 ARM5.75%
3/1 ARM5.88%
1-yr. ARM6.25%
1-yr. LIBOR ARM5.62%
10/1 ARM6.38%
40-yr. fixed6.25%
*Mortgage Rates Updated: 01/06/2009