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Last updated on December 26th, 2022 at 09:34 pm
The important mortgage rates remained unchanged today. Both the average 15-year fixed mortgage rates and average 30-year fixed mortgage rates both were steady.
While average rates for 5/1 adjustable-rate mortgages slumped. Comparatively mortgage rates are quite low right now even though they are constantly changing.
If you are looking for a fixed rate, now is an ideal time to own a home.
Take your personal needs and financial situation into account before you purchase a house, and find the right one for you by comparing offers from various lenders.
30-year fixed-rate mortgages
The average 30-year fixed mortgage interest rate is 3.09% and was the same a week ago.
A 30-year fixed mortgage is the most common loan term and has a higher interest rate but smaller monthly outgo than a 15-year term.
15-year fixed-rate mortgages
The average rate for a 15-year, fixed mortgage also remained the same as last week at 2.37%.
A 15-year loan will be a better deal if you’re able to afford the higher monthly payments.
So you will be able to get a lower interest rate, pay off your mortgage faster, and will pay less total interest in the long run.
5/1 adjustable-rate mortgages
A 5/1 adjustable-rate mortgage has decreased by 1 basis point since last week, now the average rate is 3.10%.
Mortgage rate trends
You can connect with your local mortgage broker or use an online calculator to get a personalized mortgage rate.
Look at your goals and current finances before researching home mortgage rates. Interest rates will depend on various factors like your credit score, down payment, debt-to-income ratio, and the loan-to-value ratio.
When a borrower has a high credit score, a good down payment, low DTI, and a low LTV, or any combination of those factors the interest rate will be lower.
Other than the mortgage interest rate, additional costs like closing costs, fees, discount points, and taxes will add to the cost of your house.
In order to get a mortgage that’s best for you shop around with multiple lenders.
Reference Source: CNET
