Current Mortgage Rates

Tuesday, December 02, 2008



An amortization schedule is a table detailing each periodic payment on a loan (typically a mortgage), as generated by an amortization calculator. While a portion of every payment is applied towards both the interest and the Principal balance of the loan, the exact amount applied to principal each time varies (with the remainder going to interest). An amortization schedule reveals the specific dollar amount put towards interest, as well as the specific put towards the Principal balance, with each payment. Initially, a large portion of each payment is devoted to interest. As the loan matures, larger portions go towards paying down the principal. You can use the amortization schedule or analyze the fixed, ARM, and buy-down mortgages. Information can be viewed on the screen or it can be printed out for analysis. Moreover, you can simply view these amounts and find out if it is too much or not sufficient for your requirements.

You should keep in mind, though, that other things will still require to be added into this sum together with taxes, fees and down payments. These things will alter the full amount on the real paperwork that you will observe. Additionally, don't go too close up to your budget limitation here, then. The amortization schedule can assist you to find the best plan of how much of a home you can pay for.




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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