Current Mortgage Rates

Thursday, December 04, 2008



How long will it take to break even on a mortgage refinance? That depends on a multitude of factors. These factors include your current interest rate, the new potential rate, closing costs and how long you plan to stay in your home. Use a mortgage calculator to sort through the confusion, and determine if refinancing your mortgage is a sound financial decision. If monthly payments are your focus, you want to master the use of a mortgage payment calculator.

Mortgage calculators will help you decipher the effects of interest rates and loan term changes on your monthly payments and can help you save money and plan for your monthly expenditures more thoroughly. You can use this calculator in two ways.

First, compare your current mortgage to a hypothetical refinancing loan if you're thinking about starting to shop around. It may tell you instantly whether or not it's worth your time to pursue this project. (After all, wouldn't we rather spend our time at the kids' soccer games or watching classic movies on cable television?)

Second, if you decide to refinance, the calculator will help you compare offers from different lenders. With different cost structures, it can be hard to compare different loans. Plug in the information from each and see which saves the most.



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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed5.88%
30-yr. fixed jumbo7.62%
15-yr. fixed5.50%
15-yr. fixed jumbo7.50%
7/1 ARM6.25%
5/1 ARM5.88%
3/1 ARM5.88%
1-yr. ARM6.75%
1-yr. LIBOR ARM6.12%
10/1 ARM7.88%
40-yr. fixed7.00%
*Mortgage Rates Updated: 12/01/2008