Current Mortgage Rates

Saturday, September 06, 2008



Credit ratings are used to evaluate your creditworthiness. In general, lenders look at the amount of debt you carry, your ability to repay it and your history. Generally, the more debt you have, the higher risk category you are assigned. If you have a history of late payments, or more serious problems such as a court judgment against you or a personal bankruptcy, a lender may consider you to have a very high risk of default and may choose not to lend you money.

Having a poor credit history or a low credit score can seriously affect you financially. One thing that can happen is that you could be denied credit. A low credit indicates to lenders that you are a high-risk borrower and they may not be willing to lend you money. Another is that if you aren't denied credit, it may be more expensive for you to get credit.

You may have to pay more in fees or with a higher interest rate which will increase your monthly payment. Loans of this type are known as "sub-prime loans." They usually come with a higher interest rate, but they can also help you consolidate debt and pay off some credit cards. When it comes to mortgages, auto lending and credit cards, the higher your score, the lower the interest rate you're going to pay. For most people, a mortgage loan is where they'll reap the greatest rewards from an improved credit score. Someone who has excellent credit can actually get a fixed-rate loan for 5.5%. However, for people who have less-than-excellent credit-- they're looking at an interest rate that's 1% higher, at the bare minimum.




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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