Current Mortgage Interest Rates (as of TODAY’S DATE)
Looking to make an informed decision about purchasing or refinancing your home? Stay ahead with today’s most up-to-date mortgage interest rates, updated daily from Bankrate.
30-Year Fixed Rate Mortgages
The average interest rate for a 30-year fixed mortgage stands at 7.29%, a slight increase from last week’s 7.05%. This loan term offers a lower monthly payment compared to 15-year mortgages but typically comes with a higher interest rate.
15-Year Fixed Rate Mortgages
For those seeking a shorter loan term, the average interest rate for a 15-year fixed mortgage is currently at 6.74%, up from 6.54% last week. While monthly payments are higher compared to 30-year mortgages, 15-year loans often have lower interest rates, resulting in overall interest savings due to a faster payoff period.
5/1 Adjustable Rate Mortgages
The average rate for a 5/1 adjustable rate mortgage (ARM) is 6.68%, an increase of 0.10 percentage points from last week’s 6.58%. ARMs typically offer lower initial interest rates compared to fixed mortgages, but these rates can fluctuate based on market conditions after the initial fixed-rate period.
Choosing the Right Loan Term
Selecting a suitable loan term is crucial when getting a mortgage. While 15-year and 30-year mortgages are common, other options like 10, 20, or 40-year loans may also be available. Mortgages can be either fixed-rate, with interest rates remaining consistent throughout the loan period, or adjustable-rate, where interest rates may change based on market conditions.
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