This rate was 5.96% a month ago.Īt 6.14%, you would pay $609 monthly toward principal and interest for every $100,000 borrowed.įHA mortgages are good choices if you don't qualify for a conforming mortgage. The average 30-year FHA interest rate is 6.14% today, which is up 31 basis points from last week. Here's how a 6.75% rate would affect you for the first five years: You'd pay $649 per month toward principal and interest for every $100,000 you borrow. It's also down a bit from where it was a month ago, when it was 6.81%. The average 5/1 ARM rate is 6.75%, a decrease from last week. After that, your payment would increase or decrease annually depending on the new rate. It's also down a bit compared to this time last month, when it was at 6.72%.Īt 6.59%, your monthly payment would be $638 toward principal and interest for every $100,000 borrowed - but only for the first seven years. The 7/1 adjustable mortgage rate is down more than half a percentage point from a week ago, currently at 6.59%. However, you'll have a higher monthly payment than you would with a longer term. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. With a 5.91% rate on a 15-year term, you'll pay $839 each month toward principal and interest for every $100,000 borrowed. But it's up compared to this time last month, when it was 5.73%. The average 15-year mortgage rate is 5.91%, down just 12 points from last week. 15-Year Fixed Mortgage Rates Back Below 6% (-0.12%) With a 6.37% rate on a 20-year term, your monthly payment will be $738 toward principal and interest for every $100,000 borrowed.Ī 20-year term isn't as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option. This time last month, the rate was 5.99%. The average 20-year fixed mortgage rate is down a tiny bit from last week, and is sitting at 6.37%. 20-Year Fixed Mortgage Rates Inch Down (-0.10%) With this type of mortgage, you'll pay back what you borrowed over 30 years, and your interest rate won't change for the life of the loan. The 30-year fixed-rate mortgage is the most common type of home loan. This rate is up compared to a month ago, when it was 6.38%.Īt 6.65%, you'll pay $642 monthly toward principal and interest for every $100,000 you borrow. The current average 30-year fixed mortgage rate is 6.65%, up just 4 points from where it was this time last week, according to Zillow data. Mortgage Rates for Buying a Home 30-Year Fixed Mortgage Rates Nearly Flat (+0.04%) Paying an additional $500 each month would reduce the loan length by 146 monthsĬlick "More details" for tips on how to save money on your mortgage in the long run.Lowering the interest rate by 1% would save you $51,562.03.Paying a 25% higher down payment would save you $8,916.08 on interest charges.This means we'll likely have to deal with high mortgage rates for at least a few more months. Investors believe that the Fed could start cutting rates at its meeting in June, according to the CME FedWatch Tool. But it could be a while before this happens, as Fed officials have indicated they're waiting for more inflation data before they consider lowering the federal funds rate. Once we get closer to a potential Federal Reserve rate cut, mortgage rates should start to trend back down. Potential homebuyers are quite sensitive to these rate changes, as affordability is strained with both higher rates and higher home values in this supply-constrained market." "Mortgage applications dropped as a result with a larger decline in refinance applications. "Mortgage rates moved back above 7% last week following news that inflation picked up in January, dimming hopes of a near term rate cut," Mike Fratantoni, MBA's senior vice president and chief economist, said in the press release. The MBA also reported in its latest Weekly Mortgage Applications Survey that mortgage applications decreased last week in response to higher rates.
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