Current Mortgage Rates

Friday, July 04, 2008



What an 80/20 mortgage is, is 2 loans which equal 100% of the purchase price. The first mortgage is 80% of the purchase price and the second mortgage is the remaining 20% of the purchase price. Generally, the second mortgage is either a fixed mortgage or a line of credit. If you are considering doing the 80 20 mortgage, you can compare multiple mortgage quotes to see which loan product will save you money and suit your needs. This type of mortgage program works well for first-time buyers if they don't have a large down payment and want to avoid paying the dreaded PMI - Private Mortgage Insurance. Mortgage insurance is almost always required when you have less than a 20% down payment. For borrowers with less than perfect credit, an 80 20 Mortgage will typically keep your interest rates ?% to 2.5% lower.

Benefits Of The 80/20 Mortgage:
  1. No cash reserves required for combined loan amounts as high as $1.5 Million
  2. Decision credit scores as low as 580 (Primary wage earner decision credit scores can be used)
  3. Available for Primary Residence SFR, PUD, low-rise condo, high-rise condo, and 2-unit property types
  4. Available on Purchase, Refinance, and Cash Out Refinance transactions
  5. Gift funds and property seller concessions of up to 6% allowed for purchase transaction
  6. Limited/Stated Doc combined loan amounts up to $625,000 with up to 100% cash out



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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed6.38%
30-yr. fixed jumbo6.75%
15-yr. fixed6.00%
15-yr. fixed jumbo6.50%
7/1 ARM6.00%
5/1 ARM5.88%
3/1 ARM5.62%
1-yr. ARM5.62%
1-yr. LIBOR ARM5.50%
10/1 ARM7.75%
40-yr. fixed7.00%
*Mortgage Rates Updated: 07/03/2008