Current Mortgage Rates

Wednesday, October 08, 2008



Choosing where to buy depends largely on where you live, what you can afford, and whether or not you will rent out the property when you're not using it. So before saying "I do," give some serious thought to these core issues:
  • Will the location suit your future lifestyle?
  • Can you afford a home?
  • Do you like the neighbors?
Mostly, "location" is to emphasize that it is extremely important to the resale value of your home. The idea is to buy a house that will appeal to the largest number of potential future home buyers. A careful choice of location can minimize potential negative influences on future resale value, and maximize positive influences. Focusing on resale value requires you to make several different "location" choices. The first choice you have to make is "which community?" At the very least, you should narrow your choice down to just a few local communities.



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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 ARM6.25%
5/1 ARM6.00%
3/1 ARM5.88%
1-yr. ARM5.50%
1-yr. LIBOR ARM6.12%
10/1 ARM8.25%
40-yr. fixed7.12%
*Mortgage Rates Updated: 10/07/2008