Current Mortgage Rates
Friday, July 04, 2008
You can substantially lower your monthly mortgage payment by refinancing at a lower interest rate. If interest rates have dropped since your mortgage was issued, call your current lender to see what rates they are offering. Your lender will likely be eager to work with you, if only to keep your business. And staying with your current lender can have advantages for you, too: Because your lender already has your basic information, you may be able to save on paperwork and on some fees.
Some home buyers are combining a first and second mortgage -- or home equity loan -- with a sizable down payment, eliminating the need for PMI coverage and, as a result, reducing monthly payments. One such product, referred to as the 80/10/10, consists of an 80 percent first mortgage, a 10 percent down payment and a 10 percent second mortgage or home equity loan -- the down payment and home equity loan comprise the 20 percent down payment needed to avoid PMI.
If your current mortgage is an adjustable rate loan, you may be able to reduce your monthly payment if you check past adjustments and find an error in the calculations causing you to pay too much. (Of course, there is also the chance that you'll find an error causing you to pay too little, too.) Internal mortgage industry audits have shown that many Adjustable Rate Mortgages (ARMs) do contain adjustment errors, usually innocent ones caused by the many variables lenders work with in calculating ARM payments. And you may also be able to cancel private mortgage insurance, which covers your mortgage lender against the risk of your default. And finally, you should always be sure to take any tax credits you can for the interest you pay on your mortgage, your property taxes, and, if you purchased your home this year, any points you paid in return for a lower interest rate.
Some home buyers are combining a first and second mortgage -- or home equity loan -- with a sizable down payment, eliminating the need for PMI coverage and, as a result, reducing monthly payments. One such product, referred to as the 80/10/10, consists of an 80 percent first mortgage, a 10 percent down payment and a 10 percent second mortgage or home equity loan -- the down payment and home equity loan comprise the 20 percent down payment needed to avoid PMI.
If your current mortgage is an adjustable rate loan, you may be able to reduce your monthly payment if you check past adjustments and find an error in the calculations causing you to pay too much. (Of course, there is also the chance that you'll find an error causing you to pay too little, too.) Internal mortgage industry audits have shown that many Adjustable Rate Mortgages (ARMs) do contain adjustment errors, usually innocent ones caused by the many variables lenders work with in calculating ARM payments. And you may also be able to cancel private mortgage insurance, which covers your mortgage lender against the risk of your default. And finally, you should always be sure to take any tax credits you can for the interest you pay on your mortgage, your property taxes, and, if you purchased your home this year, any points you paid in return for a lower interest rate.
Benefits of Quick Cash with Low Monthly Payments
What are Prepayment Penalties?
What is a Graduated Payment Mortgage?
What are the penalties on prepayment of an ARM?
Do You Know For Sure if Your Loan Has a Prepayment Penalty?
What are Prepayment Penalties?
What is a Graduated Payment Mortgage?
What are the penalties on prepayment of an ARM?
Do You Know For Sure if Your Loan Has a Prepayment Penalty?
Have I Been Credited For My Prepayment?
What Happens When You Skip a Payment?
Is It Safe to Ignore Lender Payments to My Broker?
What is the Down Payment?
How much Down-payment is necessary?
Zero Down Payment Vs Low Down Payment options?
Should I Use Money in My 401K as a Down Payment?
How much monthly payment can you manage?
What Happens When You Skip a Payment?
Is It Safe to Ignore Lender Payments to My Broker?
What is the Down Payment?
How much Down-payment is necessary?
Zero Down Payment Vs Low Down Payment options?
Should I Use Money in My 401K as a Down Payment?
How much monthly payment can you manage?
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Mortgage Payments
- What is the Down Payment
- How much Down-payment is necessary
- Zero Down Payment Vs Low Down Payment
- Should I Use Money in My 401K as a Down Payment
- How much monthly payment can you manage
- Minimize your monthly payments
- Benefits of Quick Cash with Low Monthly Payments
- What are Prepayment Penalties
- Graduated Payment Mortgage
- ARM prepayment penalties
- Mortgage Qualification
- Mortgage Taxes
- Refinancing
- Second Mortgage
- Selecting a Loan Provider
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Current Mortgage Rates*
Loan Type National Average |
|
| 30-yr. fixed | 6.38% |
| 30-yr. fixed jumbo | 6.75% |
| 15-yr. fixed | 6.00% |
| 15-yr. fixed jumbo | 6.50% |
| 7/1 ARM | 6.00% |
| 5/1 ARM | 5.88% |
| 3/1 ARM | 5.62% |
| 1-yr. ARM | 5.62% |
| 1-yr. LIBOR ARM | 5.50% |
| 10/1 ARM | 7.75% |
| 40-yr. fixed | 7.00% |
*Mortgage Rates Updated: 07/03/2008