August 9, 2006
Mortgages - What’s the Interest Rate?
Written by: John
When you start to look at buying a home the first thing you are going to want to play with is a mortgage calculator. Mortgage calculators are great ways for you to find out either how much house you can afford or if you are independently wealthy, how much your payment will be for the house you want to purchase. Mortgage calculators are pretty straightforward to use expect when it comes to finding the interest rate. I never knew what to put. I think I always put it high just to make sure I wasn’t fooling myself. However, I recently found a mortgages site that tells you what the market interest rate is for a variety of different types of loans. Here’s what the list had when I visited the site:
3/1 ARM avg 5.69%
5/1 ARM avg 6.27%
15 Yr FRM avg 6.27%
30 Yr FRM avg 6.63%
IO 15 Yr/30 6.50%
Best 30 Yr FRM 6.38%
Best HELOC 5.75%
ARM 3 Yr 6.00%
LIBOR 5 Yr/1 6.00%
Jumbo 100% No $ Down 4.13%
Most people only need to know about the 30 fixed rate mortgage which is going at 6.27% or one of the ARM mortgages. Looking at the list of choices is just a nice reminder that there are a lot of options out there for people who want a mortgage to choose from.
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