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Last updated on September 5th, 2022 at 09:11 pm
According to data compiled by Bankrate, across the country, the mortgage rates are mostly up compared to last week.
The market saw an increase in rates for 30-year fixed, 15-year fixed, and jumbo loans, whereas 5/1 ARM rates remained flat.
The average 30-year fixed-mortgage rate is up by 7 basis points from last week today it is at 3.23 %.
Same time in November, the average rate on a 30-year fixed mortgage was lower, at 3.17 %.
The average rate for a 15-year fixed mortgage is up by 4 basis points compared to last week and is at 2.54 % today.
The 15-year mortgage payment is much higher than the popular 30 years fixed mortgage, but the advantage is that the borrowers can save thousands of dollars in total interest paid over the life of the loan and also build their equity much faster.
The average rate for jumbo mortgages also increased by 6 basis points over the last week and is at 3.22 %. Same time last month, the average rate on a jumbo mortgage was lower, at 3.17 %.
The average rate on a 5/1 adjustable-rate mortgage is 2.74 %, it has remained unchanged over the last seven days.
The adjustable-rate mortgage loans come with a floating interest rate so, the interest rate can change periodically throughout the life of the loan.
People who plan to refinance or sell their homes before the first or second adjustment will benefit from this loan.
The mortgage rates a borrower qualifies depends on various factors like their credit score, credit history, the down payment, their LTV, and DTI along with other factors.
It is advisable to shop around with a minimum of 5 lenders to get the best possible rate.
Reference Source: Bankrate
