Current Mortgage Rates

Thursday, December 04, 2008



A flexible mortgage offers the facility to underpay or overpay or even take payment holidays. It also allows you to borrow lump sums back from your loan free of charge. There are no tie-ins with flexible loans, meaning you can redeem the mortgage at any time with no penalty. A true flexible mortgage will calculate your interest on a daily, not an annual, basis. This means that the reduction in interest payments that occurs as a result of reducing capital kicks in on the next day rather than at the end of the year, as was traditionally the standard procedure. Fully flexible loans are usually priced at a variable rate of interest, although some fixed and discounted options are now emerging onto the market.

Flexible mortgages may offer you many advantages, you can:
  • Pay more than your repayment amount;
  • Borrow back your overpaid amount;
  • Pay less than your repayment installment;
  • Take advantage of payment holidays.
One of the significant advantages of flexible mortgages is that the flexible mortgage rate is calculated on a daily basis and you do not have to pay any penalties even if you pay more or less than your repayment amount.



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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed5.62%
30-yr. fixed jumbo7.50%
15-yr. fixed5.38%
15-yr. fixed jumbo7.25%
7/1 ARM6.12%
5/1 ARM5.88%
3/1 ARM5.88%
1-yr. ARM6.62%
1-yr. LIBOR ARM6.12%
10/1 ARM6.25%
40-yr. fixed6.88%
*Mortgage Rates Updated: 12/04/2008