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.
In order to get a mortgage that’s best for you shop around with multiple lenders.
Reference Source: CNET