Current Mortgage Rates

Friday, July 04, 2008



A second mortgage is any loan that involves a second lien on the property. Some second mortgages are for a fixed dollar amount paid out at one time, in the same way as a first mortgage. As with firsts, such seconds may be fixed-rate or adjustable-rate. Every homeowner in need of extra cash faces this question. To answer it, you must consider several factors, including:
  • The interest rate and points you have to pay to refinance the first mortgage, compared with the same costs for a second mortgage.
  • Any mortgage insurance requirement on the new first mortgage.
  • The interest rate, mortgage insurance, and period remaining on the term of the existing first mortgage.
  • The term you select on the new first relative to that on the new second.
  • The amount of cash you need.
  • Your income-tax bracket.
  • The length of time you expect to remain in your home.
  • The interest rate you can earn on savings.
The second mortgage is the less-costly option if it is available at an interest rate below the break-even rate.



Get Current Mortgage Rates
From Top Lenders

Property State
Type of Loan
Home Description
Your Credit Profile
Note: Your credit profile will not be run for this inquiry.

Mortgage Resources



Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed6.38%
30-yr. fixed jumbo6.75%
15-yr. fixed6.00%
15-yr. fixed jumbo6.50%
7/1 ARM6.00%
5/1 ARM5.88%
3/1 ARM5.62%
1-yr. ARM5.62%
1-yr. LIBOR ARM5.50%
10/1 ARM7.75%
40-yr. fixed7.00%
*Mortgage Rates Updated: 07/03/2008