Current Mortgage Rates

Thursday, October 16, 2008



A mortgage that involves a borrower who is behind on payments will be reported as delinquent mortgage. If the borrower cannot bring the payments up to date within a specified number of days, the lender may begin foreclosure proceedings. Some creditors will occasionally allow customers to skip a monthly payment. This is especially common during the holiday season. While these offers might seem attractive, be aware of the cost of skipping payments. The practice is most common among credit card issuers, but other creditors, including mortgage and loan companies, make similar offers.

Some creditors assess an additional fee when customers decide to skip a payment, others do not. When an additional fee is assessed, it is commonly called a deferral fee. Skipping a payment increases the cost of credit, even when a deferral fee is not assessed. That is because interest continues to accrue on the unpaid balance during the time period the payment is skipped. Since there is no payment to reduce the balance, more interest will accrue. If a creditor agrees to allow a customer to skip a payment, the creditor may not charge the customer a late fee for the payment that was skipped and may not report that payment as delinquent to credit bureaus.




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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed6.38%
30-yr. fixed jumbo7.62%
15-yr. fixed6.12%
15-yr. fixed jumbo7.25%
7/1 ARM6.50%
5/1 ARM6.38%
3/1 ARM6.25%
1-yr. ARM6.12%
1-yr. LIBOR ARM6.38%
10/1 ARM8.50%
40-yr. fixed7.25%
*Mortgage Rates Updated: 10/14/2008