Current Mortgage Rates

Tuesday, October 07, 2008



The sale of a home, made to a family member or someone with whom the seller has had a previous relationship, at a price below the current market value. The difference between the actual sales price and the market value of the home is called the gift of equity. Most lenders allow the gift to count as a down payment on the home.

A good rule of thumb in looking at if a gift tax is going to be paid is the following: each person is allowed to gift any other person $12,000 per year with out disclosure to the IRS. So for parents giving a gift of equity to a child, then each parent can gift $12,000 for a total of $24,000 to that child. Anything beyond that is taken from a $1,000,000 (one million dollar) gift tax exemption over the life of the giving individual.




Get Current Mortgage Rates
From Top Lenders

Property State
Type of Loan
Home Description
Your Credit Profile
Note: Your credit profile will not be run for this inquiry.

Mortgage Resources



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