Average mortgage rates were mostly higher compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed and jumbo loans moved higher, while 5/1 ARM rates remained flat.
Rates as of September 28, 2021.
The rates listed here are Bankrate’s overnight average rates and are based on the assumptions here. Actual rates listed within the site may vary. This story has been reviewed by Bill McGuire. All rate data accurate as of Tuesday, September 28th, 2021 at 7:30am.
>>View historical mortgage interest rate trends, from the 70s to today
You can save thousands of dollars over the life of your mortgage by getting multiple offers. “It is so important to shop around,” says Greg McBride, CFA, Bankrate chief financial analyst. “Not everyone offers the same price, and some lenders may have motivation to be very competitive on price.”
Mortgage interest rates
30-year mortgage rate trends higher, +0.08%
The average rate you’ll pay for a 30-year fixed mortgage is 3.13 percent, an increase of 8 basis points from a week ago. Last month on the 28th, the average rate on a 30-year fixed mortgage was lower, at 3.03 percent.
At the current average rate, you’ll pay principal and interest of $428.10 for every $100,000 you borrow. That’s an additional $6.50 per $100,000 compared to last week.
30-year mortgage vs. 15-year mortgage
Standard lending practices defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers as it allows the borrower to disperse mortgage payments out over 30 years, keeping their monthly payment lower.
With a 15-year mortgage, however, borrowers can pay off their loan in half the time — if they’re able and willing to bump up the amount of their monthly loan payment. The primary difference between qualifying for a 15-year versus a 30-year mortgage is that you’ll need a higher income and lower debt-to-income ratio to obtain the former because the monthly mortgage payments are loftier.
15-year fixed mortgage rate trends upward,+0.06%
The average rate you’ll pay for a 15-year fixed mortgage is 2.40 percent, up 6 basis points since the same time last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $384 per $100k borrowed. That’s obviously much higher than the monthly payment would be on a 30-year mortgage at that rate, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more rapidly.
5/1 ARM rate flat for the week
The average rate on a 5/1 adjustable rate mortgageis 2.79 percent, unchanged from a week ago.
Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. In other words, the interest rate can change from time to time throughout the life of the loan, unlike fixed-rate loans. These loan types are best for people who expect to refinance or sell before the first or second adjustment. Rates could be much higher when the loan first adjusts, and thereafter.
Monthly payments on a 5/1 ARM at 2.79 percent would cost about $409 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.
Jumbo mortgage rate advances, +0.09%
The average jumbo mortgage rate today is 3.15 percent, an increase of 9 basis points since the same time last week. A month ago, jumbo mortgages’ average rate was lesser, at 3.04 percent.
At the average rate today for a jumbo loan, you’ll pay principal and interest of $428.10 for every $100k you borrow. That’s an extra $6.50 compared with last week.
Recap: How interest rates have changed
- 30-year fixed mortgage rate: 3.13%, up from 3.05% last week, +0.08
- 15-year fixed mortgage rate: 2.40%, up from 2.34% last week, +0.06
- 5/1 ARM mortgage rate: 2.79%, unchanged from last week
- Jumbo mortgage rate: 3.15%, up from 3.06% last week, +0.09
Interested in refinancing? See mortgage refinance rates
30-year fixed-rate refinance increases, +0.08%
The average 30-year fixed-refinance rate is 3.11 percent, up 8 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower, at 3.00 percent.
At the current average rate, you’ll pay $421.60 per month in principal and interest for every $100,000 you borrow.
6 steps to getting the best mortgage rate
- Improve your credit score
- Build a record of employment
- Save up for a down payment
- Go for a 15-year fixed-rate mortgage
- Shop among multiple lenders
- Lock in your rate
Learn more about how these 6 steps can secure your lowest rate.
Learn more:
Featured lenders, September 28, 2021
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