Looking for up-to-date mortgage rates to help you with your purchase or refinance decisions? We’re here to help.
You can check today’s mortgage interest rates here. Updated daily according to Bankrate dataSo you have the most up-to-date data when buying or refinancing a home.
30 year fixed rate mortgage
The average mortgage rate for a standard 30-year fixed mortgage was 6.98%, up 0.04 percentage point from 6.94% last week.
A 30-year fixed mortgage is the most commonly sought loan term. A 30-year fixed-rate mortgage has lower monthly payments than a 15-year one, but typically comes with a higher interest rate.
15 year fixed rate mortgage
The average mortgage rate for a standard 15-year fixed mortgage was 6.45%, up 0.13 points from 6.32% last week.
A 15-year fixed-rate mortgage has higher monthly payments than a 30-year mortgage. However, you will typically have a lower interest rate and be able to pay off your loan at a faster pace, meaning you will pay less total interest.
5/1 Floating rate home loan
The average interest rate for 5/1 adjustable rate mortgages (ARMs) was 6.13%, down 0.25 points from 6.38% the previous week. With an ARM, you will almost always get a lower interest rate than a fixed mortgage for the first five years.
However, you could end up paying more or less after that, depending on loan terms and how interest rates follow the market.
What are the best conditions for financing?
When choosing a home loan, it is important to decide on the loan term and repayment schedule. Typically, 15- or 30-year loan terms are offered, although 10-, 20-, or 40-year mortgages are not uncommon. According to US CNET.
Home loans have fixed interest rates and variable interest rates. The interest rate on a fixed-rate mortgage is set at a fixed rate for the life of the loan.
With adjustable rate mortgages, the interest rate is set for a set period of time before the interest rate adjusts annually based on the market.
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