Not Too Late to Refinance, But Do it Carefully (November 7, 2005) --   Mortgage rates are starting to rise, and borrowers facing an interest-rate adjustment in the near future might want to think about refinancing. A borrower with a $200,000 interest-only mortgage at 5.25 percent would pay $875 per month, but a 1.25-percent increase in the rate to 6.5 percent would send the monthly payment to $1,083. Borrowers who plan to stay in their homes for some time should consider taking out a fixed-rate 30-year mortgage. But if they've lived in their home for some time, they should look into a 15-year fixed-rate mortgage, which will have a slightly higher payment but will save them money over the long-term. The credit union, bank, or financial institution that holds the mortgage is a good place to look to refinance, as well as a mortgage broker who can provide quotes from different lenders. Source: Chicago Sun-Times (11/07/05); Savage, Terry

Today's Rates: Mtg Loan     Rate   APR 30-yr Fixed 4.97% 5.13% 15-yr Fixed 4.33% 4.56% 1-yr Adj 4.27% 5.3% * national averages

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