Looking for the most up-to-date mortgage rates to empower your purchasing or refinancing decisions? We’ve got you covered
, so you can have the most current data when purchasing or refinancing your home.The average mortgage interest rate for a standard 30-year fixed mortgage is 6.86%, an increase of 0.05 percentage points from last week’s 6.81%.
Thirty-year fixed mortgages are the most commonly sought out loan term. A 30-year fixed rate mortgage has a lower monthly payment than a 15-year one, but usually has a higher interest rate.The average mortgage interest rate for a standard 15-year fixed mortgage is 6.10%, a decrease of 0.02 percentage points from last week’s 6.12%.
Fifteen-year fixed rate mortgages come with a higher monthly payment compared to its 30-year counterpart. However, usually interest rates are lower and you will pay less total interest because you are paying off your loan at a faster rate.The average rate on a 5/1 adjustable rate mortgage is 5.73%, an increase of 0.01 percentage point from last week’s 5.72%. With an ARM, you will most often get a lower interest rate than a fixed mortgage for say, the first five years.
But you could end up paying more or less after that time depending on your loan terms and how that rate follows the market.When picking a mortgage, it is important to pick out a loan term or payment schedule. Usually you will be offered a 15 or 30-year loan term, but it is not uncommon to see 10, 20, or 40-year mortgages,Mortgages can be fixed-rate or adjustable-rate. Interest rates in fixed-rate mortgages are set in stone for the duration of the loan.
Adjustable-rate mortgages only have interest rates set for a certain period of time before the rate adjusts annually based on the market.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Your Scorpio April 2023 Horoscope Predictions Are HereApril brings epic growth in your relationships, but only if you learn how to control your stinger, Scorpio ♏
Read more »
Shudder April 2023 Schedule: New TV & Movie Release DatesSeason 5 of The Last Drive-In with legendary horror host Joe Bob Briggs highlights the Shudder April 2023 schedule. The weekly double feature showcasing Briggs’ encyclopedic knowledge of each film has been a huge hit with horror fans since its debut in 2018. “Proving once again that ‘the drive-in will never die,’ iconic horror host […]
Read more »
Your Virgo April 2023 Horoscope Predictions Are HereBetween Mercury retrograde and a messy eclipse, April requires rest and self-care ♍
Read more »
The best movies on Hulu right now (April 2023) | Digital TrendsIt's time to Rise on the Planet of the Apes, and revisit Gru, Judge Dredd, and President Lincoln in the best movies on Hulu right now!
Read more »