Mortgage Rates Update: Fixed Rates Down, Refinance Rates Vary
Are you in the market for a new home or considering refinancing your current mortgage? Well, you’re in luck because most fixed mortgage rates are down this weekend. However, refinance rates are less consistent, with some increasing and others decreasing. So, what does this mean for you?
If you’re looking to buy a house, now might be a better time than ever. With summer in full swing, inventory is higher than usual, and 30-year fixed rates are approximately 30 points lower than they were at the beginning of July, according to Zillow. This makes it an attractive time to jump into the housing market.
On the other hand, if you purchased a home in 2020 or 2021 when rates were at all-time lows, refinancing now could result in a much higher rate. It’s essential to weigh the pros and cons before making a decision.
Here are the current mortgage rates, according to the latest Zillow data:
– 30-year fixed: 6.47%
– 20-year fixed: 6.12%
– 15-year fixed: 5.75%
– 5/1 ARM: 6.42%
– 7/1 ARM: 6.51%
– 30-year FHA: 5.50%
– 15-year FHA: 5.18%
– 5/1 FHA: 5.57%
– 30-year VA: 5.66%
– 15-year VA: 5.11%
– 5/1 VA: 5.94%
Please note that these rates are national averages and rounded to the nearest hundredth. Refinance rates are often higher than rates when purchasing a home, so it’s crucial to consider all factors before making a decision.
If you’re unsure whether now is the right time to refinance, consider using a mortgage payment calculator to see how various terms and interest rates will impact your monthly payments. This tool can provide valuable insights into your financial situation and help you make an informed decision.
When it comes to choosing between a 30-year and a 15-year fixed mortgage, think about your short-term and long-term goals. While a 15-year mortgage may come with a lower interest rate, it also means higher monthly payments. It’s essential to evaluate your financial situation and determine which option aligns best with your objectives.
In conclusion, whether you’re looking to buy a new home or refinance your current mortgage, it’s essential to stay informed about current mortgage rates and trends. By understanding the market and your financial goals, you can make the best decision for your future.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The content is based on general research and may not be accurate, reliable, or up-to-date. Before making any financial decisions, it is recommended to consult with a professional financial advisor or conduct thorough research to verify the accuracy of the information presented. The author and publisher disclaim any liability for any financial losses or damages incurred as a result of relying on the information provided in this article. Readers are encouraged to independently verify the facts and information before making any financial decisions.