Current Mortgage Rates

Saturday, September 06, 2008



Debt consolidation is not the answer for everyone. You need to be aware of your individual circumstances and evaluate if debt consolidation might be the right decision for you.

In general debt consolidation is best considered if:
  • You are paying high interest rates on numerous debts
  • You have more than five credit cards
  • Your debt has become unmanageable as there are so many lenders involved
  • You are looking to decrease the amount of money paying off your debts each month
There are some cons of debt consolidation you should notice.
  • Get Into More Debt.
  • May Cost More Overall.
  • May Take Longer to Pay Off.
  • Could Lose Your Home.
  • One Payment.
  • May not Qualify for a Loan.
  • Disreputable Debt Consolidation Companies.


Before you sign on for a debt consolidation plan be sure that you can manage the payments. Take the time to review all expenses and sources of income before you commit to a monthly payment amount. If you do not follow through with the plan to repay your bills your creditors will not keep any reduced interest arrangements and will be less likely to work with you on any future arrangements. Additionally, the accounts will go back into collection, and the debt consolidation company may attempt to collect unpaid fees.



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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed6.38%
30-yr. fixed jumbo7.00%
15-yr. fixed5.88%
15-yr. fixed jumbo6.50%
7/1 ARM6.25%
5/1 ARM6.00%
3/1 ARM5.88%
1-yr. ARM6.00%
1-yr. LIBOR ARM5.50%
10/1 ARM7.88%
*Mortgage Rates Updated: 09/04/2008