Current Mortgage Rates

Saturday, November 21, 2009



Negotiating with your loan representative when mortgage refinancing is much more than haggling over interest rates. Your mortgage company needs to accept your terms before you agree to their loan. Didn't know you had terms for your mortgage company?

Here are several tips to help you negotiate with your loan representative when choosing a company or broker for mortgage refinancing.
  • Ask your mortgage broker to see the lock sheet from the wholesale mortgage lender and compare it to the rate lock given to you by the mortgage broker. If you find a mortgage that meets your needs and does not include Yield Spread Premium you've avoided 90% of the mistakes homeowners make when attempting to negotiate with mortgage brokers.
  • Mortgage rate compare and arm yourself with knowledge about the mortgage loan process.
  • To protect yourself have the lender write down all costs associated with the loan. Then take the time to read through the loan documentation carefully. Never sign something you don't fully understand.
  • Ask the right questions, mortgage rate compare between lenders and negotiate the best refinancing deal you can.





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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. ARM3.75%
1-yr. LIBOR ARM4.38%
10/1 ARM4.62%
*Mortgage Rates Updated: 11/21/2009