Here are the current mortgage rates for home purchases and refinancing:
Mortgage Rates for Home Purchases:
- 30-Year Fixed-Rate Mortgage: 7.625%
- 20-Year Fixed-Rate Mortgage: 7.875%
- 15-Year Fixed-Rate Mortgage: 6.375%
- 10-Year Fixed-Rate Mortgage: 6.625%
Mortgage Refinance Rates:
- 30-Year Fixed-Rate Refinance Mortgage: 6.99%
- 20-Year Fixed-Rate Refinance Mortgage: 6.75%
- 15-Year Fixed-Rate Refinance Mortgage: 6.25%
- 10-Year Fixed-Rate Refinance Mortgage: 6.375%
Notable points:
- Shorter mortgage terms (10 and 15 years) for home purchases remain in the 6% range.
- Rates for 10- and 15-year home purchase terms have increased to 6.625% and 6.375%, respectively.
- Rates for 30-year home purchase terms have decreased to 7.625%.
- Rates for 20-year home purchase terms have decreased to 7.875%.
For home purchases, borrowers interested in saving on interest should consider 15-year terms with a rate of 6.375%, which is the lowest purchase rate available today. On the other hand, borrowers looking for lower monthly payments may opt for 30-year terms with the lowest rates among the longer terms.
In the case of mortgage refinancing, longer terms (20 and 30 years) have remained unchanged for three consecutive days. Rates for 20- and 30-year refinance terms are at 6.75% and 6.99%, respectively. Rates for 10-year refinance terms have also remained stable at 6.375%. However, rates for 15-year refinance terms have increased to 6.25%.
It’s essential to keep in mind that changing economic conditions, central bank policies, investor sentiment, and other factors can influence mortgage rates. Borrowers should carefully consider their financial goals and priorities when choosing between home purchase and refinance terms.
Additionally, the rates mentioned here are based on specific assumptions, including a credit score of 700, a conventional loan for a primary residence, and a 20% down payment. Actual rates may vary depending on individual circumstances and loan details.
When considering a mortgage or refinance, borrowers should also factor in closing costs such as appraisal, application, origination, and attorney’s fees, as these can impact the overall cost of the loan. It’s essential to stay informed about current mortgage rates and explore options from different lenders to make informed financial decisions.
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