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 6.97%, a decrease of 0.16 percentage points from last week’s 7.13%.
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 6.21%, a decrease of 0.13 percentage points from last week’s 6.34%.
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 5.79%, a decrease of 0.09 percentage points from last week’s 5.88%. 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.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
March Madness Upset Predictions - Cinderella Picks NCAA Bracket 2023As we get set for the NCAA Tournament, the question on everyone's mind is who 2023's best bracket-busters will be. We're helping you plot your early March Madness upset, and Cinderella picks — including a Memphis Tigers team that's seeded too low.
Read more »
Ho-Oh Features Again In Tonight’s Pokémon GO Raid Hour: March 2023Tonight is Ho-Oh Raid Hour in PokemonGO. You can build a team of the strongest Rock-type Megas, Shadow, and standard Pokemon using these tips.
Read more »
March Madness 2023 prediction: Duke vs. Oral Roberts pickHere’s how we’re betting Thursday’s contest between Duke and Oral Roberts, which tips off at 7:10 p.m. ET on CBS.
Read more »
March Madness 2023: Ranking the N.J. boys basketball alums in the NCAA TournamentWho will be this year's New Jersey stars from the NCAA Tournament?
Read more »
March Madness 2023: Ranking the N.J. girls basketball alums in the NCAA TournamentWho will be this year's New Jersey stars from the NCAA Women's Basketball Tournament?
Read more »