Mortgage Calculator

We've found that bankrate.com has a functional, easy-to-use mortgage calculator. You can find it here:

http://www.bankrate.com/brm/mortgage-calculator.asp

Current Interest Rates

Recent problems in the real estate mortgage market have created uncertainty over where interest rates are headed. The Federal Reserve sets an interest rates for banks, and if the Fed decreases that rate to help stimulate the economy, as some expect, interest rates for many residential loans may go down slightly. At the same time, interest rates for loans over $416,000 have increased dramatically recently because of a drying up of institutional investors for these so-called jumbo-loans. Bottom-line, rates are still low, from a historical standpoint, so you should be fine as long as you have a good credit history and your home is within a reasonable price range.

To follow the changing interest rate action, check out Interest.com. The website provides a daily snapshot of average mortgage interest rates, both nationally and on a state-by-state basis.

http://www.interest.com/