Current Mortgage Rates

Tuesday, December 02, 2008



Many people see HELOC as a good way to consolidate their credit card debt because, as a secured debt, the interest rate on the loan is much lower than the interest rate they're currently paying on their existing outstanding unsecured credit card debt. In addition, the repayment terms of the consolidated debt may be more affordable, i.e. the monthly repayments may be lower. Another benefit: HELOC interest is deductible on your income taxes under most circumstances.

A home equity line of credit also has its disadvantages. You are using the equity in your home, which means that it will not be available to you upon the sale of your home. For example, if you owe $100,000 on your mortgage and you sell your home for $200,000, you would normally make $100,000 minus the real estate agent fees and selling costs. If you also have a $50,000 second mortgage, you will receive just $50,000 minus the other costs. Also, since your home equity line of credit has a variable interest rate, it could always go up. A HELOC may also have an annual fee.



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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