Current Mortgage Rates

Tuesday, October 07, 2008



A secured loan is a loan in which the borrower pledges some asset (e.g. a car) as collateral for the loan. The loan is thus secured against the collateral in the event that the borrower defaults, the lender takes possession of the asset used as collateral and may sell it to regain the amount originally lent to the borrower.

  • Choose the right collateral: Since a debt consolidation secured loan requires collateral, it's important to choose the right collateral for the job. Instead of putting up precious metals or collectibles which need to be appraised to determine their value, it's often best to stick with more common forms of collateralŠautomobiles and trucks, and real estate.
  • Determining how much to borrow: Ideally, you want to borrow enough with a debt consolidation secured loan to repay all of your outstanding debt and have only the monthly loan payment to worry about. If you're too deep in debt, however, you might have to settle for lessŠafter all, you need to keep the amount that you borrow under the value of your collateral. If this is the case, make sure that you can cover your largest and oldest debts (or at least a significant portion of them) with your debt consolidation secured loan, and then distribute any additional amount included in the loan among the remainder of your debts.
  • Pay on time: In a nutshell, if you don't make your payments then you risk losing your property. That's why it's so important to make sure you are financially capable and personally responsible enough to repay the loan amount according to the loan terms. But in return for taking this risk, you gain a better interest rate and the ability to borrow greater amounts over a longer period of time.





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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed6.12%
30-yr. fixed jumbo7.62%
15-yr. fixed5.88%
15-yr. fixed jumbo7.12%
7/1 ARM6.25%
5/1 ARM6.00%
3/1 ARM5.88%
1-yr. ARM5.50%
1-yr. LIBOR ARM6.12%
10/1 ARM8.25%
40-yr. fixed7.12%
*Mortgage Rates Updated: 10/07/2008