Current Mortgage Rates

Thursday, August 21, 2008



Consumers have been able to get copies of their credit history reports for years, usually for a fee, but free in some states. That's changed now. However, what most consumers don't know is that credit scores cannot be obtained for free. Some credit information companies claim free credit scores but are actually just including your score in with another product. Not bad, just a little deceptive.

To process your request, you will need to provide specific information, such as your name, current and previous addresses, telephone number, social security number, and date of birth. Also, to verify your identity, other information such as a copy of your driver's license, utility bill(s), or bank statement may be required. Keep in mind that the three large bureaus do not necessarily share information with each other. The content of your credit report can be different at each bureau, so it's a good idea to request copies from each one.

Three other opportunities to receive a free copy of your credit report:
  1. If you applied for a loan and were turned down, you can request a copy by writing the correct credit bureau within 30 days of the rejection. With your request, you should include a copy of the declined loan application.
  2. You can also get a free report if you are unemployed, planning to apply for jobs in the next 60 days, receiving public welfare assistance or believe the credit file contains mistakes resulting from fraud.
  3. Some states already offer a free annual credit report from each of the three agencies. Residents of Colorado, Maine, Massachusetts, Maryland, New Jersey and Vermont are entitled to one free series annually. Georgia residents are entitled to two free annual credit reports from each credit reporting agency.



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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