Current Mortgage Rates
Friday, October 10, 2008
Whenever rates are low, refinancing tempts homeowners. Refinancing can make sense to lots of people who bought houses when rates were higher or who want to consolidate their bills. Not everyone would benefit from refinancing, though. Some homeowners with second mortgages, a lot of debt or trouble paying bills on time might find that they would pay more by refinancing than by sticking with the loan they already have. Remember, nothing is ever free. Keep in mind, while refinancing can save you money over the long term, the process itself is never free - no matter what your broker says.
These days, "no-cost refis" are very popular, and it's easy to see why. The appeal of them is that you don't have to pay out of pocket for the fees typically associated with these loans, such as the application fee, title search, credit check and appraisal, which can easily total more than $1,000. You also wouldn't have to pay any points, which is also known as the loan-origination fee. A point is one percentage point of your loan amount, and the more points you pay up front, the lower your interest rate will be.
These days, "no-cost refis" are very popular, and it's easy to see why. The appeal of them is that you don't have to pay out of pocket for the fees typically associated with these loans, such as the application fee, title search, credit check and appraisal, which can easily total more than $1,000. You also wouldn't have to pay any points, which is also known as the loan-origination fee. A point is one percentage point of your loan amount, and the more points you pay up front, the lower your interest rate will be.
What Goes Into the Refinance Decision?
Does "No-Cost" Refinance Make Sense?
Should I Follow the APR on a Cash-Out Refinance?
Does Refinancing at a Higher Rate Ever Make Sense?
Refinance With Current Lender?
Does "No-Cost" Refinance Make Sense?
Should I Follow the APR on a Cash-Out Refinance?
Does Refinancing at a Higher Rate Ever Make Sense?
Refinance With Current Lender?
Refinancing into a Bigger Loan?
Why Won't My Refinance Go Through?
Should I Consolidate and How?
Does a Prior Refinance Affect This One?
Why is This Refinance 'Cash-Out'?
Mortgage Refinance with No Closing Cost
Should You Rescind Your Refinance?
How to refinance a loan for bad credit
No Cost Refinancing?
What is a Mortgage Refinance?
What is cash-out refinancing?
When Does Refinancing Really Pay?
Why Won't My Refinance Go Through?
Should I Consolidate and How?
Does a Prior Refinance Affect This One?
Why is This Refinance 'Cash-Out'?
Mortgage Refinance with No Closing Cost
Should You Rescind Your Refinance?
How to refinance a loan for bad credit
No Cost Refinancing?
What is a Mortgage Refinance?
What is cash-out refinancing?
When Does Refinancing Really Pay?
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Refinancing
- Mortgage Refinance
- Cash-Out Refinancing
- When Does Refinancing Really Pay
- Is a Refinancing a Good Deal if it Saves Money
- What Goes Into the Refinance Decision
- No Cost Refinance Make Sense
- Should I Follow the APR on a Cash-Out Refinance
- Does Refinancing at a Higher Rate Ever Make Sense
- Refinance With Current Lender
- Refinancing into a Bigger Loan
- Second Mortgage
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Current Mortgage Rates*
Loan Type National Average |
|
| 30-yr. fixed | 6.12% |
| 30-yr. fixed jumbo | 7.62% |
| 15-yr. fixed | 5.88% |
| 15-yr. fixed jumbo | 7.12% |
| 7/1 ARM | 6.25% |
| 5/1 ARM | 6.00% |
| 3/1 ARM | 5.88% |
| 1-yr. ARM | 5.50% |
| 1-yr. LIBOR ARM | 6.12% |
| 10/1 ARM | 8.25% |
| 40-yr. fixed | 7.12% |
*Mortgage Rates Updated: 10/07/2008