Current Mortgage RatesTuesday, December 02, 2008PMI is insurance that lenders require for borrowers seeking loans of more than 80% of a home's purchase price. PMI protects the lender if default should occur, and enables home buyers with down payments of less than 20% to purchase homes. Generally, if you put down 20% or more, you won't need PMI. Here's how PMI works:
Advantages and Disadvantages of PMI? PMI Online Calculator How to avoid paying for PMI? What are the factors determining PMI rate? How Do I Cancel PMI? Where to find lower PMI? Alternative to paying for PMI? Questions About Homeowners Insurance Interest Only Mortgages What is PMI? Get Current Mortgage Rates
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Loan Type National Average |
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| 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% |