Mortgage rates have increased for two days in a row, according to Zillow. The average 30-year fixed interest rate is now 6.42%, while the 15-year fixed mortgage rate stands at 5.79%. Despite this rise, some good news: mortgage rates are down from last November.
Currently, the national averages for mortgage rates are:
– 30-year fixed: $6.42
– 20-year fixed: $6.20
– 15-year fixed: $5.79
– 5/1 ARM: $7.07
– 7/1 ARM: $7.22
– 30-year VA: $5.89
– 15-year VA: $5.57
– 5/1 VA: $6.05
Mortgage refinance rates are slightly higher:
– 30-year fixed: $6.51
– 20-year fixed: $6.23
– 15-year fixed: $5.84
– 5/1 ARM: $7.76
– 7/1 ARM: $7.18
– 30-year VA: $5.80
– 15-year VA: $5.58
– 5/1 VA: $5.24
To calculate your monthly mortgage payments, use the free Yahoo Finance mortgage calculator, which also considers property taxes and homeowners insurance.
When choosing between a 30-year or 15-year fixed mortgage, consider your short-term versus long-term goals. A 30-year term spreads out payments over 360 months, making monthly payments lower, but it takes longer to pay off the loan.
In general, having better credit scores and saving more can help you secure lower mortgage rates. However, waiting for rates to drop may not be worth it unless you are truly in no rush.
To find the best mortgage lender, apply for preapproval with three or four companies within a short time frame and compare interest rates as well as the annual percentage rate (APR). This will give you an accurate comparison and minimize the impact on your credit score.
Source: https://finance.yahoo.com/personal-finance/article