Current Mortgage Rates
Tuesday, December 02, 2008
A buydown is an initial lump-sum payment, which allows the lender to reduce the interest rate on a mortgage loan. The borrower "buys down" the interest rate on a mortgage by paying discount points up front. The builder or seller of the property usually makes this buydown payment to the mortgage-lending institution. The lender then lowers the buyer's mortgage interest rate.
To compensate the home seller, the purchase price of the home is increased to compensate for the costs of the buydown agreement. Buy down interest rates will depend on the lender. So this is a situation where you definitely want to shop around. If you have the financial flexibility to invest in your home equity, it's always a good financial move. Mortgages, like car prices, are negotiable.
The best way to shop for a buy down mortgage is to request comparable quotes from several brokers in your area. Mortgage brokers can do this for you. By shopping your loan with dozens of lenders & negotiating the rate, they can get you the best possible loan.
To compensate the home seller, the purchase price of the home is increased to compensate for the costs of the buydown agreement. Buy down interest rates will depend on the lender. So this is a situation where you definitely want to shop around. If you have the financial flexibility to invest in your home equity, it's always a good financial move. Mortgages, like car prices, are negotiable.
The best way to shop for a buy down mortgage is to request comparable quotes from several brokers in your area. Mortgage brokers can do this for you. By shopping your loan with dozens of lenders & negotiating the rate, they can get you the best possible loan.
Negotiate for the Lowest Mortgage Rate Possible
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What Determines the Interest Rate?
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What is APR?
Does the APR Help?
Find out the Current Refinance Rate
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Where and How to Research Refinance Rates
What are Rate & Terms for Refinancing Rates
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Does the APR Help?
Find out the Current Refinance Rate
What is the Optimal Way to Lower Mortgage Rates
Where and How to Research Refinance Rates
What are Rate & Terms for Refinancing Rates
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Interest Rates
- What is APR
- Does the APR Help
- Find out the Current Refinance Rate
- What is the Optimal Way to Lower Mortgage Rates
- Where and How to Research Refinance Rates
- What are Rate & Terms for Refinancing Rates
- Where to find Buy Down Mortgage Rates
- Negotiate for the Lowest Mortgage Rate Possible
- All about Cash Out Refinance Rates
- Finding out Refinancing Rates for Mobile Homes
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- Current Mortgage Rates by State
Current Mortgage Rates*
Loan Type National Average |
|
| 30-yr. fixed | 5.88% |
| 30-yr. fixed jumbo | 7.62% |
| 15-yr. fixed | 5.50% |
| 15-yr. fixed jumbo | 7.50% |
| 7/1 ARM | 6.25% |
| 5/1 ARM | 5.88% |
| 3/1 ARM | 5.88% |
| 1-yr. ARM | 6.75% |
| 1-yr. LIBOR ARM | 6.12% |
| 10/1 ARM | 7.88% |
| 40-yr. fixed | 7.00% |
*Mortgage Rates Updated: 12/01/2008