Current Mortgage Rates

Sunday, September 07, 2008



You should not ever get the feeling that your broker is just telling you what you want to hear so as to win your business. A good broker should tell you the pros and cons of potential options and be honest, upfront and straightforward with you. You should be able to expect objective and independent advice. You shouldn't feel as if you are under any type of pressure to say Yes or choose a particular program. When you first meet with a broker, they should always start by asking you to explain your entire finance situation, including future plans. Little things can make a big difference to making sure you get the right home loan for your situation now and with flexibility for future changes.

Have your key documents on hand to refer to when meeting with the broker so you can give the most accurate details to ensure you get the right home loan? Talk and make sure the broker's fee: A signed fee agreement protects both you and the broker. You don't want to get to the closing table and find out you owe your broker more than you thought. Likewise, your broker doesn't want to spend a lot of time analyzing and securing lenders for your project, then to have you go to another broker or lender. This fee agreement is between you, the borrower, and the Broker and most lenders want to have a copy before they issue a LOI. Why? Because the broker fee is typically paid at closing by the lender. The fees range is based upon the complexity of the deal, the time needed for proper analysis and securing loan quotes from lenders. Fee amount typically ranges from 0.50 point to 3 points.



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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