Current Mortgage Rates

Thursday, August 21, 2008



Balancing your loans and your debt is a tough thing to do and it's very easy to get behind on debt loans. You need to assess your debt situation and really make some changes to move forward.

Here are some tips can let you pay your debt down:
  • Pay More Than The Minimum: Paying the minimum only prolongs the length of time that you'll be in debt, and it only serves to take your money and put it in the bank's profit column.
  • Cash Out Your Savings Account: You could cash out your savings and investments and use the proceeds toward debt repayment. Your savings aren't earning anything near what you're paying in interest on your debt. Remember to maintain an emergency fund if you decide to do this, but if you eliminate your debt, you can devote more money towards savings in the future.
  • Borrow From Your 401(k): If you have a 401(k) through your employer, you may be able to borrow up to 50 of the account's value, or $50,000, whichever is smaller. Interest rates on these loans are generally much lower than that charged by credit issuers, and you benefit from the interest paid as it goes right into your 401(k) and not to a credit card company or bank.
  • Move balances on cards with high interest rates to cards with lower interest rates.
  • Use your savings to pay down debt. It makes no sense to earn 1 to 3% interest on your savings account while paying 12 or 15 or 18% interest on credit cards.
  • Come up with a written plan for reducing your debt systematically.
  • Add up all the money you spend each month on credit card payments, and think about what you could do with this money if you weren't paying it to the credit card company.





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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed6.62%
30-yr. fixed jumbo7.25%
15-yr. fixed6.00%
15-yr. fixed jumbo6.88%
7/1 ARM6.25%
5/1 ARM6.00%
3/1 ARM5.75%
1-yr. ARM5.62%
1-yr. LIBOR ARM5.50%
10/1 ARM8.00%
*Mortgage Rates Updated: 08/20/2008