Looking for the latest mortgage rates to help you make a buying or refinancing decision? We can help.
Here you can view today's mortgage rates, updated daily based on data from Bankrate, so you have the most up-to-date data when buying or refinancing a home.
30-Year Fixed Rate Mortgage
The average interest rate on a standard 30-year fixed mortgage is 7.00%, up 0.05 percentage point from last week's 6.95%.
A 30-year fixed rate mortgage is the most commonly sought loan term. A 30-year fixed rate mortgage will have a lower monthly payment than a 15-year fixed rate mortgage, but will usually have a higher interest rate.
15-Year Fixed Rate Mortgage
The average interest rate on a standard 15-year fixed mortgage was 6.50%, up 0.11 percentage point from last week's 6.39%.
A 15-year fixed rate mortgage will have higher monthly payments than a 30-year fixed rate mortgage, but because the interest rate is usually lower and you pay the loan off faster, you'll end up paying less interest overall.
5/1 Variable Rate Mortgage
The average interest rate on a 5/1 adjustable-rate mortgage (ARM) was 6.53%, up 0.01 percentage point from last week's 6.52%. ARMs often offer lower interest rates than fixed-rate mortgages, for example, for the first five years.
But your payments could go up or down over that period, depending on the terms of the loan and how interest rates track with the market.
What are the best loan terms?
When choosing a mortgage, it's important to pick a loan term and payment schedule. According to CNET, you'll typically be offered a 15- or 30-year loan term, but 10-, 20-, or even 40-year mortgages aren't uncommon.
Mortgages can be either fixed or variable rate. With a fixed rate mortgage, the interest rate remains constant for the life of the loan.
With an adjustable rate mortgage, your interest rate is set for a set period of time and then adjusts annually based on the market.
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