Real Estate
Here's How Much House You Can Afford This Week
To buy, or not to buy — we have the answer. Get a snapshot of the most recent mortgage rates across the country. [SPONSORED]
Whether you're in the market for a new home now or plan to be in the future, being aware of mortgage rate changes can save you big. To help you out, Bankrate keeps an eye on the latest mortgage trends from all over the country and lets buyers compare local mortgage rates.
Ready to up your financial smarts? Here's a snapshot of what's going on around the country this week.
Overall, mortgage rates showed no clear direction today. The average for a 30-year fixed-rate mortgage held steady, but the average rate on a 15-year fixed increased. Meanwhile, the average rate on 5/1 adjustable-rate mortgages increased.
Rates for mortgages change daily, but they remain low by historical standards. If you’re in the market for a mortgage, it could be a great time to lock in a rate. Just be sure to shop around.
Compare Today's Local Mortgage Rates Here
Here's a closer look at your options:
30-year fixed mortgages
This week, the average rate you’ll pay for a 30-year fixed mortgage is 3.80 percent, unchanged since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 3.84 percent.
At the current average rate, you’ll pay $465.96 per month in principal and interest for every $100,000 you borrow.
You can use Bankrate’s mortgage calculator to estimate your monthly payments and see what the effects of making extra payments would be. It will also help you calculate how much interest you’ll pay over the life of the loan.
15-year fixed mortgages
The average 15-year fixed-mortgage rate is 3.00 percent, up 1 basis point over the last week. Monthly payments on a 15-year fixed mortgage at that rate will cost around $691 per $100,000 borrowed.
Yes, that payment is much bigger than it would be on a 30-year mortgage, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more rapidly.
5/1 ARMs
The average rate on a 5/1 ARM is 3.14 percent, rising 1 basis point from a week ago. These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.
Monthly payments on a 5/1 ARM at 3.14 percent would cost about $429 for each $100,000 borrowed over the initial five years but could increase by hundreds of dollars afterward, depending on the loan’s terms.
Want to see where rates are right now? Compare Mortgage Rates In Your Area
Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.
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