Current Mortgage Rates
Saturday, November 07, 2009
The difference between credit card debt and a mortgage can, financially speaking, mean thousands of dollars. Why? Because unlike your mortgage, the interest you pay on a credit card is not tax-deductible and you pay a higher rate than you would on your mortgage. Because of this, credit card debt is often referred to as "bad debt" whereas your mortgage is considered "good debt." Interest rates go up and down depending on many different factors. If you have a variable interest rate, your credit card company could offer you a 9% rate (cool!) when you apply, then change it to 18% (uncool) in two months. If you have a fixed rate, they can't. Don't fall for the whole "introductory rate" scam. This means that you'll have a nice, safe rate for the first year, and then the company will jack up the rate to some ridiculous number. A reasonable interest rate is anywhere between 5 and 11%.
Fixed-rate loans are usually better when interest rates are rising, especially if you anticipate an increase of more than a percentage point or two during the course of your loan. Fixed rates are those in which the interest and principal payments do not change over the life of the loan. The majority of home and car loans are fixed-rate. In addition, A fixed rate can be better for consumers who have fixed incomes or need control over their payments budgets.
Fixed-rate loans are usually better when interest rates are rising, especially if you anticipate an increase of more than a percentage point or two during the course of your loan. Fixed rates are those in which the interest and principal payments do not change over the life of the loan. The majority of home and car loans are fixed-rate. In addition, A fixed rate can be better for consumers who have fixed incomes or need control over their payments budgets.
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Avoid being a Statistic
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What are Bad credit loan and what to watch for
Can Those with Bad Credit Still Get a Mortgage Loan?
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- What are Bad credit loan and what to watch for
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- Various Services Available to mend your bad credit
- Eliminating errors from the credit report
- Avoid being a Statistic
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Current Mortgage Rates*
Loan Type National Average |
|
| 30-yr. fixed | 4.88% |
| 30-yr. fixed jumbo | 5.62% |
| 15-yr. fixed | 4.38% |
| 15-yr. fixed jumbo | 5.25% |
| 7/1 ARM | 4.25% |
| 5/1 ARM | 4.12% |
| 3/1 ARM | 4.12% |
| 1-yr. ARM | 3.75% |
| 1-yr. LIBOR ARM | 4.38% |
| 10/1 ARM | 4.75% |
*Mortgage Rates Updated: 11/07/2009