Current Mortgage Rates

Tuesday, December 02, 2008



Your mortgage company works with one of the eight insurance companies nationwide that provide private mortgage insurance, and they will sign you up with that provider's service. The good news is that most private mortgage insurance is about the same price per month; the bad news is that you don't get a say in the matter.

Private mortgage insurance is a reality that is hard to escape, especially for first time home buyers. If you do have to take on PMI, make sure you get the best rate possible. Lenders should be able to provide you with different private mortgage insurance rates from which to choose. Make sure you shop for PMI like you shopped for your mortgage. You can learn a lot about a lender's PMI options during the mortgage application process. This should be on your list of questions to ask a lender along with questions about interest rate, loan terms and closing costs. don't be afraid to ask about lowering the first private mortgage insurance rate quote you get. Most people don't and if they did they would be saving a lot of money every month.



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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed5.88%
30-yr. fixed jumbo7.62%
15-yr. fixed5.50%
15-yr. fixed jumbo7.50%
7/1 ARM6.25%
5/1 ARM5.88%
3/1 ARM5.88%
1-yr. ARM6.75%
1-yr. LIBOR ARM6.12%
10/1 ARM7.88%
40-yr. fixed7.00%
*Mortgage Rates Updated: 12/01/2008