Current Mortgage Rates

Saturday, October 11, 2008



Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan. Debt Consolidation reduces the risk of late payments because you are only making one payment a month, rather than trying to keep track of several debts from different sources with different due dates.

A single late payment can hurt your credit, but worse, it can result in you paying higher interest rates on ALL of your debts rather than just the one you paid late. A debt consolidation loan can help you eliminate your credit card debt. By taking out a debt consolidation loan, you can pay off your credit cards all at once, reduce your monthly payment, and save money on interest over the long term.

A home equity loan will also have some tax advantages as some or all of the interest may be deductible. Debt consolidation also will benefit you psychologically. When your are putting out multiple debt fires, you must juggle a slate of interest rates, terms, and potentially even threats from creditors. When you have just one or two monthly bills to pay, you can budget easier, and you avoid wasting grueling hours calculating out the consequences of different interest rates. Furthermore, debt consolidation costs may be tax deductible, see your accountant about potential implications for moving your money around.




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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 ARM6.25%
5/1 ARM6.00%
3/1 ARM5.88%
1-yr. ARM5.50%
1-yr. LIBOR ARM6.12%
10/1 ARM8.25%
40-yr. fixed7.12%
*Mortgage Rates Updated: 10/07/2008