Current Mortgage Rates

Saturday, November 21, 2009



In addition to federal laws regulating mortgage lending, various states have added additional disclosure requirements to prevent discrimination and/or to insure full disclosure to the applicant, such as the broker fee agreements, so the applicant can make an informed decision.

Applicants should also notice the different definitions of the same word. For example, closing has different meanings in different states. In some states a real estate transaction is not consider "closed" until the documents record at the local recorders office.

In others, the "closing" is a meeting where all of the documents are signed and money changes hands. Home buyers will often encounter a fourth category of fees on their own, including settlement services provided by a lawyer or escrow company, like preparing deeds and holding the buyer's deposit and down payment. Different states may require different services along these lines - some northeastern states, for instance, require that borrowers and sellers have lawyers for the transaction. Either way, shopping around can sometimes pay off. Negotiation can also pay, since buyers and sellers can split the settlement fee. The best way to avoid hidden or otherwise unnecessary costs is to understand the basics of the process well in advance.




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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. ARM3.62%
1-yr. LIBOR ARM4.38%
10/1 ARM4.62%
*Mortgage Rates Updated: 11/20/2009