Mortgage Rates

What is a Mortgage Rate?

A mortgage rate is the interest rate charged by a lender on a home loan or mortgage. It represents the cost of borrowing money to purchase a home or refinance an existing mortgage. Mortgage rates are typically expressed as an annual percentage rate (APR) and can vary depending on several factors, including:

  1. Economic Conditions
  2. Central Bank Policies
  3. Creditworthiness
  4. Loan Type and Term
  5. Down Payment
  6. Market Competition
  7. Location

Different Types of Mortgage Rates

  1. Fixed-Rate Mortgage (FRM):

    • 30-Year Fixed-Rate Mortgage
    • 15-Year Fixed-Rate Mortgage
    • 10-Year Fixed-Rate Mortgage

  2. Adjustable-Rate Mortgage (ARM):

    • 5/1 ARM, 7/1 ARM, 10/1 ARM
    • Interest-Only ARM

  3. Hybrid Mortgage

  4. FHA and VA Loans

  5. Interest-Only Mortgage

  6. Balloon Mortgage

  7. Jumbo Mortgage

  8. Reverse Mortgage

How Important are Mortage Rates?

Mortgage rates can have a significant impact on the overall cost of homeownership. Even small differences in interest rates can result in substantial savings or costs over the life of a mortgage. As such, it's essential for prospective homebuyers to carefully consider mortgage rates and compare offers from different lenders before making a decision on a home loan.

Current Mortgage Rates

National

 Average Rate

APR
30 Year Fixed 7.280 N/A
15 Year Fixed 6.565 6.849
30 Year Fixed FHA 6.870 7.205
7 Year ARM 6.875 7.634
5 Year ARM 7.080 N/A
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