Current Mortgage Rates

Saturday, September 06, 2008



Actually, you don't rebuild scores. You rebuild your credit history, which is then reflected by credit scores. The length of time to rebuild your credit history after a negative change depends on the reason behind the change. Most negative changes in scores are due to the addition of a negative element to your credit report such as a delinquency or collection account. These new elements will continue to affect your scores until they reach a certain age. Delinquencies remain on your credit report for seven years. Most public record items remain on your credit report for seven years, although some bankruptcies may remain for 10 years and unpaid tax liens remain for 15 years.

Inquiries remain on your report for two years. Any change to the credit report could affect the individual's scores. Simply closing two accounts not only lowers the number of open installment accounts (which generally will improve your score) but it also lowers the total number of all open accounts (which generally lowers your score).

Furthermore, such an action will affect the average age of all accounts that could either raise or lower your score. As you can see, one seemingly simple change actually affects a large number of items on the credit report. Therefore, it is impossible to provide a completely accurate assessment of how one specific action will affect a person's credit score. This is why the score factors are important. They identify what elements from your credit history are having the greatest impact so that you can take appropriate action.




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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