Current Mortgage Rates
Sunday, October 12, 2008
An APR or Annual Percentage Rate is a yearly amount that an individual has to pay for acquiring a loan or any other credit related expense. It is a numerical figure that is used to express the cost of credit. APR is a measure of interest charge that is a combination of interest rate and upfront credit fees.
The primary function of APR allows people to compare loans and decide what loan will cost them the least. However, an APR may not be comparable with a second mortgage. The majority of cash-out refinances have rates above those of old mortgages. APR on cash-out refinances are relatively low, and payments on a new mortgage are compared by the standard of APR to the net loan amount that has to be paid upfront. You may reach the erroneous conclusion that the cash-out refinance is the better option of the two if the rate on your old mortgage is less than that on the second mortgage. The reason for this is that you would have neglected to take into account the loss of the lower rate. A good calculator can help you decide on the better option between a second mortgage and a cash-out refinance.
The primary function of APR allows people to compare loans and decide what loan will cost them the least. However, an APR may not be comparable with a second mortgage. The majority of cash-out refinances have rates above those of old mortgages. APR on cash-out refinances are relatively low, and payments on a new mortgage are compared by the standard of APR to the net loan amount that has to be paid upfront. You may reach the erroneous conclusion that the cash-out refinance is the better option of the two if the rate on your old mortgage is less than that on the second mortgage. The reason for this is that you would have neglected to take into account the loss of the lower rate. A good calculator can help you decide on the better option between a second mortgage and a cash-out refinance.
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Refinance With Current Lender?
Refinancing into a Bigger Loan?
Why Won't My Refinance Go Through?
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Refinance With Current Lender?
Refinancing into a Bigger Loan?
Why Won't My Refinance Go Through?
Should I Consolidate and How?
Does a Prior Refinance Affect This One?
Why is This Refinance 'Cash-Out'?
Mortgage Refinance with No Closing Cost
Should You Rescind Your Refinance?
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No Cost Refinancing?
What is a Mortgage Refinance?
What is cash-out refinancing?
When Does Refinancing Really Pay?
Is a Refinancing a Good Deal if it Saves Money?
What Goes Into the Refinance Decision?
Does "No-Cost" Refinance Make Sense?
Why is This Refinance 'Cash-Out'?
Mortgage Refinance with No Closing Cost
Should You Rescind Your Refinance?
How to refinance a loan for bad credit
No Cost Refinancing?
What is a Mortgage Refinance?
What is cash-out refinancing?
When Does Refinancing Really Pay?
Is a Refinancing a Good Deal if it Saves Money?
What Goes Into the Refinance Decision?
Does "No-Cost" Refinance Make Sense?
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Refinancing
- Cash-Out Refinancing
- When Does Refinancing Really Pay
- Is a Refinancing a Good Deal if it Saves Money
- What Goes Into the Refinance Decision
- No Cost Refinance Make Sense
- Should I Follow the APR on a Cash-Out Refinance
- Does Refinancing at a Higher Rate Ever Make Sense
- Refinance With Current Lender
- Refinancing into a Bigger Loan
- Why Won't My Refinance Go Through
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Current Mortgage Rates*
Loan Type National Average |
|
| 30-yr. fixed | 6.12% |
| 30-yr. fixed jumbo | 7.62% |
| 15-yr. fixed | 5.88% |
| 15-yr. fixed jumbo | 7.12% |
| 7/1 ARM | 6.25% |
| 5/1 ARM | 6.00% |
| 3/1 ARM | 5.88% |
| 1-yr. ARM | 5.50% |
| 1-yr. LIBOR ARM | 6.12% |
| 10/1 ARM | 8.25% |
| 40-yr. fixed | 7.12% |
*Mortgage Rates Updated: 10/07/2008