Current Mortgage Rates

Tuesday, October 07, 2008



You should contact your lenders right away. If you are like most folks, you aren't answering the lenders' mail or returning their phone calls. Most think they don't need to speak with their lenders about their situations, or think they can take care of their problems, if they recognize them as such, without involving the lender.

Consider re-mortgaging You might be able to secure a mortgage that reduces your payments or ties you to a fixed-rate deal, which gives you the security of fixed monthly repayments. Extending the length of your loan is also an option to consider. Speak to an independent financial adviser about what may help you. If you're afraid to contact your lender, then look for community help. For example, the Home ownership Preservation Foundation, a non-profit organization based in Minneapolis, has established - with a lot of funding from lenders - a toll-free hotline at 1-888-995-HOPE (4673), available in English and Spanish. You can also get information by going to www.995HOPE.org.




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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