Average US 30-year Mortgage

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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FAQ


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When a mortgage loan originator changes companies how soon is that reflected in the NMLS consumer access website? - Quora

When a loan originator changes from one company to another, the LO completes a specific form and that form is filed with our federal regulator, the good folks that run the Nationwide Mortgage Licensing System:

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What are Navy Federal Personal Loans? - Quora

Navy Federal is a specific credit union that offers a broad variety of financial products, including personal loans.
A personal loan is a loan from a bank that is not tied to a specific purpose like an auto loan or a mortgage; often, the bank will just give you money in exchange for your promise to pay it back at an agreed upon rate.
Personal loans usually have a lower interest rate than a credit card, but a higher interest rate than those specific purpose loans (auto, mortgage, etc).  The reason for the higher interest rate is that they are not tied to a valuable assets [the bank will giv…




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