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 7.11%, an increase of 0.08 percentage points from last week’s 7.03%.
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 6.30%, a decrease of 0.01 percentage points from last week’s 6.31%.
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 5.87%, an increase of 0.07 percentage points from last week’s 5.80%. 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.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
March 2023: The Next Full Moon is the Crow, Crust, Sap, Sugar, or Worm MoonThis full moon is worming its way into your sky. March’s full moon is known as the Worm, Crow, Crust, Sap, or Sugar Moon and is associated with the beginning of spring in the Northern Hemisphere. Send us your favorite Moon pics and see what else is up:
Read more »
March Madness 2023: Seton Hall star Dre Davis draws inspiration from 7-month-old daughterSeton Hall star Dre Davis draws inspiration from his 7-month-old daughter.
Read more »
Magnolia Selects March 2023 Schedule: New Film AdditionsMagnolia Selects has unveiled its full lineup of titles available to stream starting in March 2023.
Read more »
Tonight Is Ho-Oh Raid Hour #1 In Pokémon GO: March 2023Which Pokemon should you Mega Evolve for tonight's Ho-Oh Raid Hour? Which Shadow Pokémon should you bring to the fight? These PokemonGO tips will make you an elite Trainer.
Read more »
Your Virgo March 2023 Horoscope Predictions Are HereThis month, you'll have the emotional strength to express your needs, desires, and boundaries to others. ♍
Read more »