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Last updated on December 26th, 2022 at 09:34 pm
While 15-year fixed mortgage rates haven’t changed, the interest rates on 30-year fixed mortgages rose. So did the average rates for 5/1 adjustable-rate mortgage raise.
Think about your personal needs and financial condition, and compare offers from multiple lenders before purchasing a house.
For a standard 30-year fixed mortgage the average interest rate is 3.10%, compared to one week ago it has increased by 2 basis points.
Thirty-year fixed mortgages are the most common loan term which has a smaller monthly payment to a 15-year mortgage and higher interest rate.
For a 15-year, fixed mortgage the average rate is 2.37%, which is the same rate as last week.
They have a higher monthly payment and lower interest rate. There are several benefits to a 15-year loan if you can afford the monthly payments.
The average rate of a 5/1 ARM is 3.12%, it climbed 2 basis points compared to last week.
Compared to a 30-year fixed mortgage, you’ll get a lower interest rate for the first five years with an adjustable-rate mortgage.
But your interest rate can increase after that time because of the changes the market might cause.
An adjustable-rate mortgage will make sense for you if you plan to sell or refinance your home before the rate changes.
Reference Source: CNET
