Current Mortgage Rates

Saturday, November 21, 2009



Interest-only payments on your mortgage loan for the first five or seven years of your 30-yr amortized loan. These loans have been around for 10+ years but are becoming popular among homeowners looking to buy their first or higher-priced home.

When you're using an interest only mortgage calculator, you need to know a few facts up front to make it effective. Clearly, you need to know your loan amount. You also need to know your interest only term. Once you plug that information in, be prepared for seeing the ultimate adjustment to paying both interest and principle. This information can help you decide whether or not you want to use an interest only program or if you want to use a more traditional loan program. If you have an interest only loan already, this can also help you decide when and if you want to refinance.

During a non-earning period, an interest only mortgage would allow for the lowest monthly payment possible. Referring to an interest only mortgage calculator, one can determine an amount of payable interest that will be cost effective and help pay off the loan as soon as any bonus is received. If you are a business owner with an irregular income, you can utilize your cash flow in the best possible manner with an interest only mortgage. It helps to use the interest only calculator to establish how much interest should be paid. This loan form gives you the option to pay the principal amount at your convenience.



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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed4.75%
30-yr. fixed jumbo5.25%
15-yr. fixed4.25%
15-yr. fixed jumbo4.75%
7/1 ARM4.38%
5/1 ARM4.00%
3/1 ARM4.00%
1-yr. ARM3.75%
1-yr. LIBOR ARM4.38%
10/1 ARM4.62%
*Mortgage Rates Updated: 11/21/2009