Current Mortgage Rates

Thursday, August 21, 2008



It pays to ask the question. Gaining knowledge is the easy way to learn; becoming a victim is the expensive way to learn.
  1. They offer loans based solely on home equity & not on your ability to repay.
  2. They charge unusually high interest rates for loans. That's a given. People who have previously damaged their credit may be targets since they can't easily get credit from quality lenders.
  3. Therefore, they may take advantage of any loan they can get, high interest rates and all.
  4. They add excessive points to the loan without lowering the interest rate. Remember, this type of lender is a predator & they're going to take what they can get.
  5. They include excessive fees. Ditto on the above statement.
  6. They tack on unnecessary costs, such as prepaid, single-premium life insurance.
Tips to avoid predatory lenders
  1. Read all fine print on all documents before accepting and signing a contract.
  2. When refinancing your home in order to pay off debt - remember there is a three day right of recision to cancel if you are not happy with the terms of the agreement.
  3. Never give bank account information over the phone unless you know exactly what you are authorizing.
  4. If you receive an offer in the mail that appears to be too good too be true it probably is.
  5. Research companies offering you financing by contacting your local Better Business Bureau to determine if they are a legitimate entity without consumer complaints.
North Carolina has taken steps to protect borrowers through its predatory lending law. G. S.24-1.1 mandates that persons considering high-cost home loans must receive counseling from a North Carolina Housing Finance Agency-approved counselor before they complete the loan process. The purpose of the free counseling is to ensure that you fully understand the material terms of the loan, and the amount of fees and costs you will be required to pay. The counselor must certify to the lender that counseling services have been rendered.



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. fixed6.62%
30-yr. fixed jumbo7.25%
15-yr. fixed6.00%
15-yr. fixed jumbo6.88%
7/1 ARM6.25%
5/1 ARM6.00%
3/1 ARM5.75%
1-yr. ARM5.62%
1-yr. LIBOR ARM5.50%
10/1 ARM8.00%
*Mortgage Rates Updated: 08/20/2008