Current Mortgage Rates

Saturday, November 21, 2009



Among the many factors you need to consider when looking into mortgages are:

* The interest rates and repayment terms attached to mortgages can vary quite dramatically between lenders as well as between different loan products. It is therefore important to ensure that you get the right deal for you by comparing a range of mortgage products and seeing which offers the lowest terms, the best repayment periods, and the highest borrowing power depending on your needs and circumstances.

* You can often get a much better deal on your mortgage by shopping online, and this is because you get specialist Internet mortgage providers online as well as the traditional high street lenders, giving you a much better choice of lenders as well as products. You will often get special rates online too, which can make a big difference to your monthly repayment and the amount of interest you repay overall on the money you borrow.

* Before committing yourself to a mortgage you need to ensure that you can comfortably afford the repayments, as failure to keep up with repayments could mean that you lose your home. Make sure you calculate your total income and outgoings, and use online mortgage calculators in order to work out how much you can borrow and what the repayments will be. There are also several elements of a loan that should be analyzed.

* How long do you plan to stay in this home? Five years? Ten years? Thirty years? The length of time you will be in the home will certainly play a part in determining which loan to apply for. If you only plan to be in the home for 5 years or less, you should seriously consider an adjustable rate loan. If you intend on staying 20 years, a fixed rate mortgage may be right for you.

* How much risk are you willing to accept? If you are the type of buyer that needs to know exactly what you will be paying each month for the term of the mortgage, a fixed rate mortgage will fulfill this need. The fixed rate loan, however, will also net a higher interest rate. If you are willing to take some risk of fluctuations in the interest rate, you may be able to receive a lower interest rate.

* What are your income expectations? Plan for the future. Do you anticipate a gradual or dramatic increase in your income in the next few years? If you expect a big increase, a graduated payment mortgage may be best for you.

* How much cash do you have available for upfront costs? If you have the resources, you may want to make a larger down payment to lower your monthly payment. By keeping a higher monthly payment however, you might be able to shorten the term of the loan to a 15-year loan in order to pay it off quicker.

Keep in mind that you'll have closing costs and fees to pay in addition to your down payment. If you don't have much cash saved for your upfront costs, don't despair. You may be need to accept a higher monthly payment or even lower your monthly obligation by choosing an adjustable rate mortgage. In addition to choosing a type of loan, you must also consider which lender to use. Once again, several factors will influence your decision.



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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed4.75%
30-yr. fixed jumbo5.25%
15-yr. fixed4.25%
15-yr. fixed jumbo4.75%
7/1 ARM4.38%
5/1 ARM4.00%
3/1 ARM4.00%
1-yr. ARM3.75%
1-yr. LIBOR ARM4.38%
10/1 ARM4.62%
*Mortgage Rates Updated: 11/21/2009