Looking for the latest mortgage rates to help you decide to buy or refinance a mortgage? We’ve got you covered.
Here you can view today’s mortgage interest rates. Updated daily based on Bankrate dataget the most up-to-date data when buying or refinancing a home.
30 year fixed rate mortgage
The average mortgage rate for a standard 30-year fixed mortgage was 7.04%, down 0.02 percentage points from last week’s 7.06%.
A 30-year fixed mortgage is the most commonly requested loan term. A 30-year fixed-rate mortgage has lower monthly payments than a 15-year fixed-rate mortgage, but usually has a higher interest rate.
15 year fixed rate mortgage
The average mortgage rate for standard 15-year fixed mortgages was 6.20%, up 0.04 percentage points from last week’s 6.16%.
A 15-year fixed-rate mortgage has higher monthly payments than a 30-year fixed-rate mortgage. However, because interest rates are usually lower and you’re paying off the loan at a faster rate, you pay less total interest.
5/1 Variable rate mortgage
5/1 The average variable rate mortgage (ARM) rate was 5.32%, up 0.07% from last week’s 5.25%. An ARM will almost always give you a lower interest rate than a fixed mortgage, say for the first five years.
However, you may end up paying more or less after that, depending on the terms of the loan and how its interest rate follows the market.
What is the best term for the loan?
When choosing a mortgage, it is important to choose the loan term and payment schedule. They typically offer loan terms of 15 or 30 years, but it’s not uncommon to see 10, 20 or 40 year mortgages. According to CNET.
Home loans can have fixed or variable interest rates. The interest rate on a fixed rate mortgage is fixed for the term of the loan.
Variable rate mortgages are only priced for a fixed period of time before the interest rate is adjusted annually based on the market.
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