Current Mortgage Rates
Wednesday, December 03, 2008
Assuming that the national housing rates are still relatively low, you may be able to refinance your first mortgage and play up your improved credit history and income earning potential to lenders. Your institution will likely grant you a lower rate if you've made good on your payments for several years and if you tap into the market during a propitious time.
Reduce your Mortgage Interest Rates:
* Increase Your Down Payment: By increasing your down payment, you can knock off up to a percentage point. Zero or little down financing is great for those short on cash, but rates are significantly higher. Ideally, you want to put down 25% to get the best rates. Just leave enough cash reserves to financing moving expenses.
* Pay A Point Or Two: Points paid upfront can also lower your interest rate. You want to be sure though that you recoup the upfront costs. If you plan to move or refinance in a couple of years, you will not see the savings of lower rates. You may also find that your money would be better spent on increasing your down payment than on paying points. With this type of decision, you will want to do some math with a mortgage calculator.
* Improve your credit: You may be able to lower your interest rate by taking advantage of an improved credit history. If your credit rating was low when you first acquired your loan, you may have a high interest rate. If you've been paying your bills on time, your credit may have improved, in which case you might qualify for a lower rate. There are many credit repair companies that can help you improve your credit. Beware of credit consolidation companies, which actually can further damage your credit!
Reduce your Mortgage Interest Rates:
* Increase Your Down Payment: By increasing your down payment, you can knock off up to a percentage point. Zero or little down financing is great for those short on cash, but rates are significantly higher. Ideally, you want to put down 25% to get the best rates. Just leave enough cash reserves to financing moving expenses.
* Pay A Point Or Two: Points paid upfront can also lower your interest rate. You want to be sure though that you recoup the upfront costs. If you plan to move or refinance in a couple of years, you will not see the savings of lower rates. You may also find that your money would be better spent on increasing your down payment than on paying points. With this type of decision, you will want to do some math with a mortgage calculator.
* Improve your credit: You may be able to lower your interest rate by taking advantage of an improved credit history. If your credit rating was low when you first acquired your loan, you may have a high interest rate. If you've been paying your bills on time, your credit may have improved, in which case you might qualify for a lower rate. There are many credit repair companies that can help you improve your credit. Beware of credit consolidation companies, which actually can further damage your credit!
What all to consider while selecting a Good Mortgage Rate?
How to get updated Mortgage Rates on a daily basis?
30 Years or 15?
Why Pay Points?
Can Points Be Financed?
How to get updated Mortgage Rates on a daily basis?
30 Years or 15?
Why Pay Points?
Can Points Be Financed?
What is the Real Cost of Mortgage Insurance?
What is Title Insurance?
How Can I Avoid Escrows?
No-Cost Mortgages
Do I Really Need All These Title Policies?
Finding the Current Mortgage Rates?
What is Title Insurance?
How Can I Avoid Escrows?
No-Cost Mortgages
Do I Really Need All These Title Policies?
Finding the Current Mortgage Rates?
Get Current Mortgage Rates
From Top Lenders
Mortgage Resources
- Adjustable Rate Mortgages
- Bad Credit Mortgages
- Bankruptcy
- Better Money Management
- Buying a House
- Credit Card Debt
- Debt Consolidation
- Debt Negotiation
- Home Equity Loan
- Interest Rates
- Locking the Rates
- Managing the Mortgage
- Mortgage Application
- Mortgage Calculators
- Mortgage Insurances
- Mortgage Payments
- Mortgage Qualification
- Mortgage Taxes
- Refinancing
- Second Mortgage
- Selecting a Loan Provider
-
Selecting the Mortgage Features
- Can Points Be Financed
- What is the Real Cost of Mortgage Insurance
- Title Insurance and Why Need it
- How Can I Avoid Escrows
- No-Cost Mortgages
- Do I Really Need All These Title Policies
- Finding the Current Mortgage Rates
- Best way to lower your Mortgage Rates
- What all to consider while selecting a Good Mortgage Rate
- How to get updated Mortgage Rates on a daily basis
- Selecting the Mortgage Type
- Shopping for a Mortgage
- Tips and Advice
- Current Mortgage Rates by State
Current Mortgage Rates*
Loan Type National Average |
|
| 30-yr. fixed | 5.88% |
| 30-yr. fixed jumbo | 7.62% |
| 15-yr. fixed | 5.50% |
| 15-yr. fixed jumbo | 7.50% |
| 7/1 ARM | 6.25% |
| 5/1 ARM | 5.88% |
| 3/1 ARM | 5.88% |
| 1-yr. ARM | 6.75% |
| 1-yr. LIBOR ARM | 6.12% |
| 10/1 ARM | 7.88% |
| 40-yr. fixed | 7.00% |
*Mortgage Rates Updated: 12/01/2008