Current Mortgage Rates

Monday, October 06, 2008



The average American owes $8,000 on her credit cards, paying $1,200 a year in interest! Car loans, school loans, and mortgages add to these totals. Paying off debt and determining not to borrow is a guaranteed investment as high as 18% -- obviously, a wise financial move. Living without debt is a feeling that's hard to explain. It's a feeling that's alien to most consumers today. But once you've had a taste of living without debt, and without the stress that often comes with it, you'll be cooking it up all the time.

To become debt free and maintain a debt free life, try the following three steps:
  • Get rid of existing debt: Cut up any credit cards and Pay your bills on time, sending as much as possible to one account while paying the minimum due on all of your other accounts until the account is paid off.
  • Create a budget: Make a list of every monthly expense you can think of. Then, make another list of every incidental expense that you pay throughout the year but not necessarily on a monthly basis. Once you have a comprehensive list, subtract your total monthly expenses from your total monthly income and see what is left over. Pay yourself first is a good rule to live by.
  • Avoid credit like the plague: Make all of your purchases with cash and you will never fall into the debt trap again.





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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