Current Mortgage Rates

Monday, October 06, 2008



Beware of a game that some mortgage brokers play with rate locks, where they promise you a locked rate, but don't insure it with the lender. If your broker offers to lock your rate, ask for the paperwork from the lender showing the loan, the rate, and your name. If you opt to float, don't let your broker ratchet the interest rate up as closing approaches, figuring you'll roll over rather than lose the house. Insist on the same rate he would offer a new customer for the same loan.

Questions to Ask Your Broker: What are your fees and how to they break down? What are the details of recommended loans? Are fees refundable if I don't get the loan? Do you receive compensation from the lender? Will my lender guarantee my rate lock?




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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 ARM6.38%
5/1 ARM6.25%
3/1 ARM6.00%
1-yr. ARM5.50%
1-yr. LIBOR ARM6.25%
10/1 ARM8.25%
40-yr. fixed7.12%
*Mortgage Rates Updated: 10/05/2008