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Now is a good time to buy or refinance a home, and lock in a low rate. Mortgage rates are at historical lows.
According to Bankrate.com, the average rate today, on a 30-year fixed mortgage is 3.29% with an APR of 3.41%, it has changed 0.02% since last week when the rate was 3.27%.
The 15-year fixed mortgage has an average rate of 2.57% and an APR of 2.78%, its rate has also changed 0.02% since last week when the rate was 2.55%.
The average rate of a 30-year jumbo mortgage last week was 3.24%, and today it is 3.26% with an APR of 3.36%.
The average rate on a 5/1 ARM has remained unchanged at 2.74% and with an APR of 4.07%.
A mortgage calculator can be used to estimate a borrower’s monthly mortgage payment but that too would depend on various factors like one’s interest rate, purchase price, and down payment they are ready to put in.
Now it would be relatively easier to understand what they’re paying for—and what they can actually afford.
Reference Source: Forbes Advisor
