Current Mortgage Rates

Wednesday, December 03, 2008



Take bridge loan. If you've never heard of a bridge loan, it's probably because the housing market has been so hot for so long that most people haven't needed them. In the last five years many homes sold within days of being listed, meaning few homeowners had to worry about paying for their new homes before they'd sold the old ones. But a slowdown in a number of major housing markets in the U.S. suggests that more consumers may need a helping hand to bridge the gap between buying and selling a home.

A short-term loan that is used until a person or company secures permanent financing or removes an existing obligation. This type of financing allows the user to meet current obligations by providing immediate cash flow. The loans are short-term (up to one year) with relatively high interest rates and are backed by some form of collateral such as real estate or inventory. Also they are known as "interim financing", "gap financing" or a "swing loan".
  • The advantage of a bridge loan: It allows you to make a competitive offer on a house without a contingency clause.
  • The disadvantage of a bridge loan: It is usually a short-term loan (1 year or less) with high interest rates.



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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed5.88%
30-yr. fixed jumbo7.62%
15-yr. fixed5.50%
15-yr. fixed jumbo7.50%
7/1 ARM6.25%
5/1 ARM5.88%
3/1 ARM5.88%
1-yr. ARM6.75%
1-yr. LIBOR ARM6.12%
10/1 ARM7.88%
40-yr. fixed7.00%
*Mortgage Rates Updated: 12/01/2008