Current Mortgage Rates

Wednesday, December 03, 2008





It's time to rein in that debt and do something about paying it down. Here are some steps you can take to get your debt under control:
  • Make a list of what you owe. Put all your bills in a pile. Then list your debts in order, starting with the largest balance first. Next to the amount, list the minimum monthly payment, and the interest rate you are paying on that card. Now you know where you stand.
  • Prioritize your repayments. If you have one or two small balances, you might want to apply extra money to pay them off, while continuing to pay the minimums on the cards with larger balances. Or you might want to pay off the card with the highest interest rate first.
  • Ask for flexibility: If you have a small temporary shortfall, ask your lenders if they are prepared to be flexible until your finances are on a firmer footing.
  • Get help: If your problem is serious and more long-term, contact a free debt expert such as the Consumer Credit Counseling Service or a local Citizens Advice Bureau. It can arrange a debt-management plan, where you stick to a tight budget and divide ant money you can afford to pay fairly between the people you owe money to.
  • Consolidate debt: If you're really in over your head, there are plenty of debt consolidation companies eager to help you. Generally, they offer you one big loan - usually at a lower rate of interest and with a longer payment schedule than your credit cards - to pay off your individual debts.
  • Use your debit card: If you tend to pull out your credit card when you're short on cash, train yourself to use your debit card (otherwise known as your bank card) instead. You avoid running up balances, there's no bill to pay at the end of the month, and since the money comes right out of your checking account, it makes you think twice before you buy something.





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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