Current Mortgage Rates

Sunday, September 07, 2008



When you saw the closing costs for your home purchase, you may have been a bit appalled. There are a lot of junk fees thrown in with the legitimate ones and this may be something that is holding you back from considering a second mortgage. Stop right now. If you can find a no closing cost home equity line with a good interest rate there is no reason not to move forward. Many people even take out a home equity line just to have it available in case they need it. Talk to your mortgage representative today and find out which program will fit your needs. It is worth noting that the cost of closing with a home equity loan includes the type of paperwork that the lender has to do. Moreover, a lawyer has to complete some of the details of the transaction and you will need an appraisal to have a true idea of the value of the equity that you have built up in your home over the years.

Theoretically speaking, equity is determined by subtracting the amount you still owe on your mortgage and the value of your home on the real estate market. Another way you can take benefit of the lower interest rates for a home equity loan and still get away without paying the closing costs out of your own pocket is to have them included in the amount of the loan. According to experts, this may add to the length of the term or increase the monthly payments, but the lower interest rates you get on repaying the loan will balance out. Home equity loans and lines of credit often have many of the same closing costs as your original home loan. You can handle these costs three different ways:
  • Cover lender and third-party closing costs through a higher interest rate.
  • Bring a check to closing (just like you probably did when you purchased your home).
  • Deduct the closing costs from the cash proceeds of your loan or line of credit.



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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