Current Mortgage Rates

Saturday, September 06, 2008



Mortgage lenders are financial institutions that lend money to people so they can buy a property that they cannot yet afford, but should be able to by the end of a mortgage term. Lenders have access to massive quantities of money generated in several ways. They invest this money in stocks and shares in order to accumulate more money through dividends and maturity of stock value. They also make money in other ways, such as charging interest on their loans.

A mortgage broker can use the information you provide to find the best mortgage type as well as the best rate of interest for you, and it won't cost you a cent and can save you a great deal of time and inconvenience. The main advantage to using a mortgage broker is that these professionals have strong links to a wide pool of lenders, and can access a vast range of deals on your behalf without you having to lift a finger.

Loan officers are employees of a bank, credit union, or other lending institution, such as a mortgage company. They sell and process mortgages and other loans only for their employers. They are usually local and in a physical location. Though loan officers offer a variety in the types of loans available, you are limited to only those products offered by one institution. Usually a local institution, the loan officer will be familiar with all local regulations and issues will not arise over lack of knowledge in local market terminology.




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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