Current Mortgage Rates

Friday, October 10, 2008



First, most loan officers in mortgage broker offices work with different end investors (the folks who buy the mortgage from the lender who gives the cash to you). Each investor offers different types of loans and interest rates. The rates are different because each end investor wants a different amount of profit for the use of its cash. Then, each individual mortgage lender tacks on its own fees and profit. The best thing you can do before you sign up with any one lender is to do some serious shopping around. You should first decide which kind of loan is right for you: adjustable rate mortgage, fixed-rate mortgage, balloon payment, etc.

Look for a Certified Mortgage Broker, as certified by the National Association of Mortgage Brokers. These brokers are trained and certified in every aspect of lending, and should be able to give you the best service, while helping you find the best credit source for your particular mortgage needs. Phone your prospective lenders and ask them about their terms, fees, interest rates, points, escrow terms/closing requirements, loan servicing, and any other credit information you need to know. If they can't or won't answer these questions, you need to move on to the next prospective lender on your list. Watch for hidden costs, and check out the company's history and reputation on the Internet, or in the library.

Lenders to Avoid
  • Those from out of state that you are not familiar with. Unless the mortgage lender is a national lender that operates across several states, you should avoid using that particular lender. With a lender from another state you could be subject to fees that you are completely unfamiliar with.
  • Mortgage lenders that are not in good standing with the Better Business Bureau. It almost goes without saying that if other consumers have had trouble with a particular mortgage lender that you are subject to having the same trouble.
  • Lenders that are strongly recommended by a real estate agent. Be wary if your real estate agent urges you to choose a particular mortgage lender. Some agents form alliances with mortgage lenders and are compensated when their buyers use a particular mortgage lender. Make the decision about your mortgage lender based on your own qualifications.
A mortgage is a significant financial undertaking. It is in your best interest to find a lender that provides you with the service you desire at a cost you can afford. If you are suspicious about a particular lender, go with your gut feeling. In nearly all cases, your instincts are correct in telling you not to trust a specific lender.



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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed6.12%
30-yr. fixed jumbo7.62%
15-yr. fixed5.88%
15-yr. fixed jumbo7.12%
7/1 ARM6.25%
5/1 ARM6.00%
3/1 ARM5.88%
1-yr. ARM5.50%
1-yr. LIBOR ARM6.12%
10/1 ARM8.25%
40-yr. fixed7.12%
*Mortgage Rates Updated: 10/07/2008