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 6.54%, a decrease of 0.24 percentage points from last week’s 6.78%.
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 5.90%, a decrease of 0.20 percentage points from last week’s 6.10%.
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 5.48%, a decrease of 0.02 percentage points from last week’s 5.50%. 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 Leo December 2022 Horoscope Predictions Are HereLooks like you're going to have a lot of fun this month, Leo ♌
Read more »
New on Netflix December 2022: The 10 best movies/TV shows you can stream this monthNetflix is bringing us a few special gifts this month, including the sequel to 'Knives Out,' a prequel to the 'The Witcher' series, Guillermo Del Toro’s 'Pinocchio,' Noah Baumbach’s adaptation of Don DeLillo’s 'White Noise,' and more.
Read more »
Your Gemini December 2022 Horoscope Predictions Are HereWord of advice for all of our Geminis: Stay in during the full moon on December 7— but get wild during the new moon later in the month 🥳
Read more »
The 50 Best Movies on Amazon Prime Right Now (December 2022)Finding the best films in Amazon Prime's free movie library can be tough. We've done the work for you.
Read more »
Your Sagittarius December 2022 Horoscope Predictions Are HereRead why December brings presents, lovely news for your sex life, and many more reasons to celebrate being a hot Sag ♐
Read more »