Current Mortgage Rates

Tuesday, October 07, 2008



When it comes to a debt consolidation loan, one of the most popular questions is How fast will it go through? The answer will depend greatly on where you are getting your debt consolidation loan from. It will also depend on how many different creditors and how much debt is being consolidated. Here are a few tips on getting approved.

Take Advantage of a High Credit Score: Having good credit has certain advantages. Aside from making it possible to get the best rate on mortgages and auto loans, persons with excellent credit may also qualify for a debt consolidation personal loan. Getting approved for a personal loan is difficult. For the most part, banks set the standards very high. To avoid the risk of losing money, many financial institutions only approve these loans to persons with credit scores above 720. If applying for a debt consolidation loan with no collateral, be prepared to pay a higher interest rate. Still, the interest rate on the loan will probably be lower than current credit card rates. Therefore, borrowers are able to save money.




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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 ARM6.38%
5/1 ARM6.25%
3/1 ARM6.00%
1-yr. ARM5.50%
1-yr. LIBOR ARM6.25%
10/1 ARM8.25%
40-yr. fixed7.12%
*Mortgage Rates Updated: 10/05/2008