Current Mortgage Rates

Saturday, November 21, 2009



Yes and no doubt, by applying online mortgage loans you can save time, money and efforts. You can receive quotes within a few minutes and sometimes within a few hours, so you need not to wait for days. Whereas by applying through other conventional ways, it could take as much as 2-3 days or even more. And the beauty is that you don't need to be a computer geek or wizard to use these websites as most of them require just the basic information about you, such as type of mortgage, required loan amount, your location, age and income sources. Most of them are really simple and user friendly that anyone with a little bit of computer knowledge can apply without any difficulty.

When you apply for an online mortgage, you can benefit in many ways. In addition to the ease and convenience of applying online, you can also benefit from some excellent deals on interest rates and mortgage products, as well as a speedy decision from the lender. By opting for an online mortgage you can take the time to browse the different mortgages available at your own pace, and you won't have to feel pressured into signing for anything by a sales person.

You can also browse and make you're application at any time of the day or night, which means that you won't suffer simply because you work or have other commitments during office hours. However, a possible disadvantage to online mortgage lending is that some online mortgage lenders will charge you a fee prior to you learning whether or not your application has been successful. Please note that some traditional lenders also ask for a fee upfront. Borrowers beware - there are many legitimate traditional and online lenders than don't insist on such a fee.




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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed4.75%
30-yr. fixed jumbo5.25%
15-yr. fixed4.25%
15-yr. fixed jumbo4.75%
7/1 ARM4.38%
5/1 ARM4.00%
3/1 ARM4.00%
1-yr. ARM3.62%
1-yr. LIBOR ARM4.38%
10/1 ARM4.62%
*Mortgage Rates Updated: 11/20/2009