Latest 30 Year Mortgage Rates
Several closely watched mortgage rates slid lower today. The average rates on 30-year fixed and 15-year fixed mortgages both dropped. The average rate on 5/1 ARMs, the most popular type of variable rate mortgage, also dropped.
Mortgage rates are constantly changing, but, overall, they are very low by historical standards. If you're in the market for a mortgage, it could be a great time to lock in a rate. Just be sure to shop around.
30-year fixed mortgages
The average 30-year fixed mortgage rate is 3.48 percent, down 1 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 3.34 percent.
At the current average rate, you'll pay a combined $447.93 per month in principal and interest for every $100, 000 you borrow. Compared with last week, that's $0.56 lower.
You can use Bankrate's mortgage calculator to estimate your monthly payments and see the effect of adding extra payments. It will also help you calculate how much interest you'll pay over the life of the loan.
15-year fixed mortgages
The average 15-year fixed-mortgage rate is 2.74 percent, down 3 basis points from a week ago.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $678 per $100, 000 borrowed. That may squeeze your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You'll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much faster.
5/1 adjustable-rate mortgages
The average rate on a 5/1 ARM is 3.01 percent, ticking down 2 basis points since the same time last week.
These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.
Monthly payments on a 5/1 ARM at 3.01 percent would cost about $422 for each $100, 000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan's terms.
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