Current Mortgage Rates

Monday, October 13, 2008



* Make more frequent payments: The simple things in life are often the best. One of the simplest and best strategies for reducing the term and cost of your loan (and thus your exposure should interest rates rise) is to make your repayment on a fortnightly rather than monthly basis.

* Forgo those minor luxuries: This is the bit you don't want to read. Once you have a mortgage, your life is likely to be luxury-free (or at least pretty close to it). Think of all the weight you will lose by giving up your favorite indulgent snack. For the sake of your health you should quit smoking and drink less anyway. Take your lunch from home and save on bad fast food. Trust me, your body will thank you for it.

*Automatic payment: Immediately set up an automatic payment (to pay the new credit card) to come out of your bank account the day after your salary goes in. This is so you don't see the money in your account and think you've got more money than you really do have.

* pay additional money: If you come into a nice lump sum from a refund, bonus, inheritance, or other sudden income, consider using it to pay down your mortgage. Of course, if you have other loans on which you're paying higher interest rates, pay them first.

* Round off your payments: Rounding off to nearest hundred or thousand can reduce the interest payment you will make during the entire period. That means savings from interest payments that do not seem so hard to do i.e., loan amount is $1,275, why not pay $1,300 and see the difference in the interest payments you need to make.




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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