![]() 20-Year Fixed Refinance Rates Inch Down (-0.38%) Refinancing into a 30-year term can land you lower monthly payments, but you'll ultimately pay more by refinancing into a longer term. Here's how a 6.73% rate would affect your monthly payments: You'd pay $647 toward principal and interest for every $100,000 borrowed. It's up quite a bit compared to a month ago, when it was 6.32%. The average 30-year refinance rate is 6.73%, 13 basis points lower than last week. ![]() Mortgage Refinance Rates 30-Year Fixed Refinance Rates Go Down a Bit (-0.13%) With a 5.68% rate, your monthly payment would be $579 toward principal and interest for every $100,000 you borrow. The current VA mortgage rate is 5.68%, 27 basis points lower than this time last week. You'll need a 3.5% down payment and 580 credit score to qualify. This rate was 5.49% a month ago.Īt 5.51%, you would pay $568 monthly toward principal and interest for every $100,000 borrowed.įHA mortgages are good choices if you don't qualify for a conforming mortgage. The average 30-year FHA interest rate is 5.51% today, which is down 17 basis points from last week. 30-year FHA Rates Plunge Back Below 5% (-0.68%) Here's how a 6.81% rate would affect you for the first five years: You'd pay $653 per month toward principal and interest for every $100,000 you borrow. It's up a bit from where it was a month ago, when it was 6.77%. The average 5/1 ARM rate is 6.81%, a small decrease from last week. After that, your payment would increase or decrease annually depending on the new rate. It's also up compared to this time last month, when it was at 6.79%.Īt 6.96%, your monthly payment would be $663 toward principal and interest for every $100,000 borrowed - but only for the first seven years. The 7/1 adjustable mortgage rate is up 13 basis points from a week ago, currently at 6.96%. However, you'll have a higher monthly payment than you would with a longer term. ![]() Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. With a 5.80% rate on a 15-year term, you'll pay $833 each month toward principal and interest for every $100,000 borrowed. It's up compared to this time last month, when it was 5.74%. The average 15-year mortgage rate is 5.80%, down from last week. 15-Year Fixed Mortgage Rates Decrease (-0.19%) With a 6.07% rate on a 20-year term, your monthly payment will be $720 toward principal and interest for every $100,000 borrowed.Ī 20-year term isn't as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option. This time last month, the rate was 6.20%. The average 20-year fixed mortgage rate is down bit from last week, and is sitting at 6.07%. 20-Year Fixed Mortgage Rates Fall (-0.29%) With this type of mortgage, you'll pay back what you borrowed over 30 years, and your interest rate won't change for the life of the loan. The 30-year fixed-rate mortgage is the most common type of home loan. This rate is down compared to a month ago, when it was 6.44%.Īt 6.30%, you'll pay $619 monthly toward principal and interest for every $100,000 you borrow. The current average 30-year fixed mortgage rate is 6.30%, down 33 points from where it was this time last week, according to Zillow data. Mortgage Rates for Buying a Home 30-Year Fixed Mortgage Rates Go Down (-0.33%)
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