Current Mortgage Rates

Saturday, November 22, 2008



Mortgage Interest rates can change on a daily basis depending on market conditions and economic factors. It is important to compare mortgage quotes with accuracy. In most cases you want to get loan quotes all on the same day, so you can compare apples to apples. It doesn't matter whether you are comparing home equity loans, purchase loans or credit lines, get same day quotes. If you get several mortgage rate quotes from different lenders on various days, then you may be getting inaccurate interest rates.

Here are the inside tips to help you get to the bottom line:
  • Interest rates can change on a daily basis, and sometimes even multiple times per day depending on economic factors. To compare accurate mortgage quotes, try to get quotes on the same day.
  • For most types of loans, lender's rate sheets have pricing based on a lock period, which are offered in increments such as 15, 30, or 60 days. A lock guarantees the rate for a specific time. Longer lock periods usually have higher rates. Compare mortgage quotes for similar lock periods.
  • Compare the average percentage rate (APR) for any variable mortgage or adjustable rate mortgage and have lenders quote the interest rate separate from other fees.
  • You'll want to compare all fees separately. Be sure to ask what fees are for and for definitions of any terms you don't understand.
  • Don't be fooled by other kinds of incentives, like cash back. Even if you are going to take that cash and put it directly against your mortgage, it's not necessarily a good deal unless you are getting the best mortgage interest rate possible at the same time. Often incentives are offered on longer-term mortgages, which are usually at higher interest rates than the shorter-term mortgages. Therefore, the lender expects to make more on you. That's how the lender can afford to give you the incentive.





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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed6.00%
30-yr. fixed jumbo7.75%
15-yr. fixed5.75%
15-yr. fixed jumbo7.50%
7/1 ARM6.12%
5/1 ARM5.75%
3/1 ARM5.88%
1-yr. ARM6.62%
1-yr. LIBOR ARM6.00%
10/1 ARM7.75%
40-yr. fixed7.38%
*Mortgage Rates Updated: 11/21/2008