![]() The average rate on a 30-year fixed-rate loan increased by 0.058 percentage points to 8.117%. ![]() Mortgage rates were higher across almost all loan types yesterday, according to Money's daily rate survey. Money's average mortgage rates for September 7, 2023 Borrowers with lower credit scores will generally be offered higher rates. The average rate represents roughly the rate a borrower with strong credit and a 20% down payment can expect to see when applying for a mortgage right now. The 15-year rate averaged 5.16% a year ago.įor its weekly rate analysis, Freddie Mac looks at rates offered for the week ending each Thursday. The current rate for a 15-year fixed-rate mortgage is 6.52%, which is down by 0.03 percentage points from a week ago.Last year, the 30-year rate averaged 5.89%. The current rate for a 30-year fixed-rate mortgage is 7.12%, a decrease of 0.06 percentage points compared to a week ago.Homeowners looking to refinance are also encountering a tough time, with the number of refi applications down by 30% compared to a year ago - when refis were already pretty low to begin with. In yet another sign of how high mortgage rates are impacting buyers, the number of applications for home purchase loans dropped to its lowest level in 28 years, according to the Mortgage Bankers Association.Both custom built and pre-designed homes in residential developments are often favorably priced compared to existing homes, and there's a lot more inventory available (though still not enough, experts say, to entirely overcome the supply drought we're in). Existing homes, and the cost of financing them, have gotten so expensive that experts now say it may make more financial sense to go with a newly-built home.Here's a round-up of the latest news in housing: What's been happening in the housing market Difference between APR and interest rate.What is a good interest rate on a mortgage?.What credit score do mortgage lenders use?.How are mortgage rates impacting home sales?.Use Money's mortgage calculator to get an estimate of your monthly payment, taking different rate scenarios into consideration. ![]() Homeowners considering a mortgage refinance should consider our list of the Best Mortgage Refinance Companies.) (Money's list of the Best Mortgage Lenders is a good place to start. If you're offered a higher rate than expected, make sure to ask why and compare offers from multiple lenders. Inflation has shown signs of abating, but Sam Khater, chief economist at Freddie Mac said in a statement that continuing "upward pressure on mortgage rates straining potential homebuyers." Despite this week's downward movement, the rate for a 30-year loan, the most popular type of mortgage for American homebuyers, remained above 7% for the fourth consecutive week.Įxperts blame an uncertain economy, which they say is keeping mortgage rates elevated and dampening the housing market. Still, this remains a relatively costly market for borrowers, compared with recent history. The average rate on a 15-year fixed-rate mortgage was also lower this week, decreasing by 0.03 percentage points to 6.52%. That's a drop of 0.06 percentage points in the 30-year rate compared to a week ago. The rate on a 30-year fixed-rate loan decreased to 7.12% for the week ending September 7, according to Freddie Mac. Mortgage rates decreased, if only slightly, for the second week in a row. There was good news for would-be homebuyers this week.
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