Current Mortgage Rates

Thursday, August 21, 2008



While searching for your new home, your real estate professional can assist you in fine tuning your search criteria and find the home of your dreams by visiting "Open Houses". Visiting an "Open House" will involve you personally touring houses for sale and getting a first hand view of the home and property. You may want to visit open houses on your own or you may want to go with your real estate professional so that you get a better feel for the market, the neighborhood and the styles of houses available to you. Whatever you do, don't just walk into your bank and building society and ask them for a mortgage. Look at the whole market for a product that suits you.

Beware mortgages with very low interest rates that often come with hefty repayment fees, or lock you in after an initial deal to the expensive standard variable rate. Keep up to date with mortgage products and search for the best deal with your selected agent. After touring homes for a few days, you will probably instinctively know which one or two homes you would like to buy. Ask to see them again. You will see them with different eyes and notice elements that were overlooked the first go-around. At this point, your agent should call the listing agents to find out more about the sellers' motivation and to double-check that an offer hasn't come in, making sure these homes are still available to purchase.



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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed6.62%
30-yr. fixed jumbo7.25%
15-yr. fixed6.00%
15-yr. fixed jumbo6.88%
7/1 ARM6.25%
5/1 ARM6.00%
3/1 ARM5.75%
1-yr. ARM5.62%
1-yr. LIBOR ARM5.50%
10/1 ARM8.00%
*Mortgage Rates Updated: 08/20/2008