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 6.55%, an increase of 0.27 percentage points from last week’s 6.28%.
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 5.73%, an increase of 0.17 percentage points from last week’s 5.56%.
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 4.87%, an increase of 0.20 percentage points from last week’s 4.67%. 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.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mortgage rates reach highest since August 2007Last Week mortgage rates climbed to 6.02% the highest since 2008, until today, which saw the rates climb to 6.29% for the 30-year fixed-rate mortgage (FRM).
Read more »
Letters: Oakland Zoo tax | Vote for Kaplan | Make up mind | No on gambling | Renewable energyEast Bay Times Letters to the Editor for Sept. 23, 2022
Read more »
Pivot: The Future of Crypto, SPACs, and Trump's Legal Troubles on Apple PodcastsCould regulation be the breakthrough cryptocurrency needs? Or will the Fed roll out its own digital dollar? karaswisher considers all of crypto’s possible futures. Check out her conversation with profgalloway on the latest episode of PivotPod:
Read more »
Today’s daily horoscope for Sept. 23, 2022Zodiac signs and horoscopes on 9/23/22 for Aquarius, Pisces, Aries, Taurus, Gemini, Cancer, Leo, Virgo, Libra, Scorpio, Sagittarius, Capricorn.
Read more »
Big Give 2022: Hundreds of local nonprofits hope for generous donations during 24-hour fundraising eventThe 2022 Big Give will start at 6 p.m. on September 22 and conclude at 6 p.m. on September 23.
Read more »