Current Mortgage Rates

Tuesday, October 07, 2008



Before you begin the process of buying a property or home you need to consider the following:
  1. Determine Your Buying Objectives. Why do you want to buy a home? Need more room? Downsizing? Tired of paying a monthly rent for nothing in return?
  2. Determine Your Needs. Prioritize what is most important to you in a home (style of home, size of home, neighborhood, schools, cost, etc.) Keep in mind, there is a difference between what you need and what you want, so be realistic.
  3. Become Informed. If you're a first-time home buyer, learn everything you can about the buying process. This series of informational sections will help. Research the market by searching the Internet to see what homes are for sale in the areas you desire. As well as looking at classified ads and home for sale magazines, and maybe even driving around neighborhoods you're interested in. After that you should have a good feel for what's available.
  4. Get Your Financing in Order. This is not the time to make any major purchases on a credit card. Don't change types of work. More financing tips will be covered in the next section. Remember, you'll probably be living in your home and making repayments for many years to come, so make sure you shop around and do your homework.
The bottom line:
  • Remember to include up-front costs like stamp duty in your budget.
  • Shopping around for the best deal on your mortgage is as important as finding the ideal home.
  • The more you can save for a deposit, the less you will have to borrow and the more you will save on interest payments.
Once you've figured out what you want in a home, how long you plan on living there, and what you're comfortable paying each month, you need to shop for a mortgage. A mortgage is a legal document by which real property (your house) is pledged as security for the repayment of a mortgage loan. You can think of a mortgage loan like an auto loan, but instead of getting a loan to finance the purchase of a car, you're getting a loan to finance the purchase of a home. It's a legal contract stating that you promise to pay back the loan on a monthly basis over a certain amount of time.



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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 ARM6.38%
5/1 ARM6.25%
3/1 ARM6.00%
1-yr. ARM5.50%
1-yr. LIBOR ARM6.25%
10/1 ARM8.25%
40-yr. fixed7.12%
*Mortgage Rates Updated: 10/05/2008