Today’s mortgage rates have decreased. According to Zillow, the 30-year fixed mortgage rate is down five basis points to 6.24%, and the 15-year fixed interest rate has dropped by two basis points to 5.63%.Mortgage rates inched down after the U.S. Bureau of Labor Statistics released the November jobs report on Friday. The BLS will also release the latest Consumer Price Index (CPI), a key measure of inflation, on Wednesday. Interest rates could hold steady or keep ticking down if inflation is low, but they’ll probably rise if inflation is higher than anticipated.Dig deeper:How inflation impacts mortgage ratesHere are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.24% 20-year fixed: 6.02% 15-year fixed: 5.63% 5/1 ARM: 6.44% 7/1 ARM: 6.24% 30-year VA: 5.63% 15-year VA: 5.25% 5/1 VA: 5.97% Remember, these are the national averages and rounded to the nearest hundredth.Read more: How are mortgage rates determined?These are the current mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.37% 20-year fixed: 6.06% 15-year fixed: 5.76% 5/1 ARM: 6.14% 7/1 ARM: 6.37% 30-year VA: 5.81% 15-year VA: 5.63% 5/1 VA: 5.50% Again, the numbers provided are national averages rounded to the nearest hundredth. Although it’s not always the case, mortgage refinance rates tend to be a little higher than purchase rates. A mortgage calculator can help you see how different mortgage term lengths and interest rates will impact your monthly payments. Use the free Yahoo Finance mortgage calculator to play around with different outcomes.Our calculator also considers factors like property taxes and homeowners insurance when estimating your monthly mortgage payment. This gives you a better idea of your total monthly payment than if you just looked at mortgage principal and interest.Today’s average 30-year mortgage rate is 6.24%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is relatively low.If you had a $300,000 mortgage with a 30-year term and a 6.24% rate, your monthly payment toward the principal and interest would be about $1,845, and you’d pay $364,272 in interest over the life of your loan — on top of that original $300,000.The average 15-year mortgage rate is 5.63% today. Several factors must be considered when deciding between a 15-year and 30-year mortgage.A 15-year mortgage comes with a lower interest rate than a 30-year term. This is great in the long run because you’ll pay off your loan 15 years sooner, and that’s 15 fewer years for interest to compound.However, because you’re squeezing the same debt payoff into half the time, your monthly payments will be higher.If you get that same $300,000 mortgage but with a 15-year term and 5.63% rate, your monthly payment would jump up to $2,472 — but you’d only pay $144,959 in interest over the years.Dig deeper: How much house can I afford? Use our home af
Lun. Dic 23rd, 2024
