Best Websites To Keep Up To The Date With Mortgage Rates And Deals?

Q: I just got signed off from a remodel I am doing. I have about $200K out in credit card debt, mostly low interest fixed. My first and only mort is about $500K and is an adjustable. I did not realize that rates have been climbing since the beginning of the year. Is it smarter for me to refi, maybe with a 5 yr fixed or to get an equity line to cover the credit card debt and wait until the market cycles back to 5.5% +/-. I notice that a 10 and 30 fixed now seems to cost the same and the 5 seems to be the best deal. The comps in the area can carry a new first of $700K. Anyone know of any lenders out there that have great deals right now? By the way, what are the best websites to keep up to the date with mortgage rates and deals?

A: The site to track rates is bankrate.com. You are looking at a jumbo, so you are not going to get the best rates. Rates have gone up, they are going to take another jump this week with the terrorism attack, and they are going to continue up as Alan Greenspan has his way with the Fed rates. There are no "deals" on mortgages. They all have to be done a certain way to ensure that they can be sold.

This is called "conforming", and they have to conform to HUD rules. You can get non-conforming loans, but they are usually much higher in interest rates and have very high up front costs. You need to get a new fixed rate loan, and quickly. I suggest fixed since an adjustable with that type of balance can quickly get payments that are in the stratosphere as interest rates go up. I hope you did get pre-approved somewhere before running up $200K in credit card debt. That will be like a lead anchor around your neck as you try to get a new loan. You almost might be better off to get a home equity loan to pay off the cards, and then do your re-fi after the H/E loan goes through.