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Even while the rates are up today this is still a good time to lock your mortgage rates because they are still historically low.
The average mortgage rate for 30 years fixed loan changed by 0.05% basis point it is 3.05% today and was 3.00% last week. The APR, all-in cost of the loan this week is 3.28%
The average mortgage rate for a 15 year fixed is 2.33% it has gone up 0.05% basis points from last week from 2.28%. The APR last week was 2.63% but today it has risen to 2.67%. For every $100,000 borrowed the borrower will pay a monthly outgo of $659 that includes principal and interest.
The average rate for a 30-year jumbo mortgage is 3.07% rising 0.10% basis point from last week’s 2.97%.
The average rate of ARM 5/1 today is 2.80% up by 0.01% from 2.79% a week ago.
A mortgage calculator will help you to get an estimate of your monthly payment taking into account your term, the interest rate, your purchase price the down you put, and other expenses.
Reference Source: Forbes
