Check out today’s mortgage rate update. Is it the right time for you to apply for a home loan?
Mortgage rates today are higher than yesterday for fixed loan products. This is what they look like:
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30-year mortgage rates
The 30-year average mortgage rate today stands at 3.308%, up 0.015% from yesterday. At the current rate, you will pay principal and interest of $ 438.00 for every $ 100,000 borrowed. This does not include additional expenses like property taxes and home insurance premiums.
20-year mortgage rates
The 20-year average mortgage rate today stands at 3.055%, up 0.028% from yesterday. At the current rate, you will pay principal and interest of $ 557.00 for every $ 100,000 borrowed. Although your monthly payment increases by $ 119.00 with a 20 year loan and $ 100,000 compared to a 30 year loan of the same amount, you will save $ 24,126.21 in interest over your repayment period for every 100,000 $ borrowed.
15-year mortgage rates
The 15-year average mortgage rate today stands at 2.557%, up 0.019% from yesterday. At the current rate, you will pay principal and interest of $ 669.00 for every $ 100,000 borrowed. Compared to the 30-year loan, your monthly payment will be $ 231.00 higher for every $ 100,000 of mortgage principal. However, your interest savings will amount to $ 37,399.24 over the duration of your repayment period per $ 100,000 of mortgage debt.
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The average ARM 5/1 rate is 3.047%, down 0.025% from yesterday. With an ARM 5/1, you are guaranteed the same interest rate for five years. After that, your rate may fluctuate every year. It can go up or down, but you clearly run the risk of paying a higher interest rate and increasing your monthly mortgage payment over time. Now you will Enjoy lower monthly payments for five years with an ARM 5/1 compared to a 30-year fixed loan. But be prepared for that to change over time if you take out an adjustable rate mortgage.
Should I lock in my mortgage rate now?
A mortgage rate freeze guarantees you a specific interest rate for a certain period of time – typically 30 days, but you may be able to guarantee your rate for 60 days. You will usually pay a fee to lock in your mortgage rate, but this way you are protected if rates go up between now and when you close your mortgage.
If you plan to close your home within the next 30 days, it pays to lock in your mortgage rate based on current rates, especially since they are still quite low. But if your close is more than 30 days away, you might want to choose an adjustable rate lock instead for what will usually be a higher fee, but could save you money in the long run. A variable rate lock allows you to get a lower rate on your loan if rates drop before your mortgage closes, and while current rates are still fairly competitive despite a recent hike, we don’t know if rates go down. will increase or decrease over the period. the next months. As such, it is beneficial to:
- LOCK in case of closure 7 days
- LOCK in case of closure 15 days
- LOCK in case of closure 30 days
- FLOAT in case of closure 45 days
- FLOAT in case of closure 60 days
While mortgage rates are higher these days than they were at the start of the year, they are still, historically speaking, quite attractive. And if you have a great credit score and a low debt-to-income ratio, you’re even more likely to get a low rate on your home loan. If you’re ready to buy a home, collect offers from different mortgage lenders so you can assess your options. Each lender sets their own interest rates and closing costs, so it’s a good idea to compare your choices and find the best deal.