Current Mortgage Rate

Mortgage rate is at an all-time low so its is a great time to buy a home or invest in real estate. Thus, what you need to know about today mortgage rate…

Current mortgage rates. The current mortgage rates range from 2.77% to 3.91%.

A 30-year fixed mortgage. The average 30-year mortgage rate is at a 3.06% which is a decrease from a month earlier. It is calculated that home buyer would pay around $425 monthly for every $100,000 borrowed. This is also a decrease in amount compared to the week prior. Use a home loan calculator to calculate the total cost and the monthly payment using the most recent updated rate with any extra fees added.

A 15-year fixed mortgage. The average 15-year mortgage is at a 2.63% which is a decrease from last week. It is calculated that homebuyer would pay around $670 monthly for every $100,000 borrowed.

5/1 Adjustable-rate mortgage (ARM). The average 5/1 adjustable-rate mortgage is 3.28% where the buyer would expect to pay around $440 for $100000 borrowed over the first five year. The rate can change based on the type of loan.

Where is the rate heading? The rates are fluctuating around 3%. Check Bankrate.com weekday mortgage rates for the most updated information on the rate for loans. Here is an example:

Locking up the rate now. Discuss with the lender to offer the option of “floating-rate lock” that allows they loan borrower to switch to a lower rate before closing of the loan shall the rate decrease. However, this is a two-way street as there is no guarantee of a lower rate if you already set on a low rate.

Topics: real estate, mortgage rate

Work cited: Bankrate; https://www.bankrate.com/mortgages/rates/mortgage-rates-for-monday-august-10-2020/