30-year mortgage: 6.74% Average refinance rates today: 15-year refinance: 6.07% 30-year refinance: 6.75% Find the best mortgage rates you can qualify for right now! How to get a great mortgage or refinance rate today Even though interest rates are higher than they were a few years...
Do you know the difference between mortgage interest rates and annual percentage rates (APR)? These rates are very similar in that they are both used to express the cost of borrowing money for a home loan. In fact, many people, even within the real estate industry, effectively use these te...
Interest is additional money beyond amount borrowed that allows the lender to profit from the transaction. In the mortgage world especially, interest and interest rates are fairly complex topics. Other articles in this series will help you learn as much as you want to know about mortgage rates....
Interest-only mortgages can be a great tool for the right kind of borrower, but they can be risky. For one, many have aninterest rate that is adjustableafter the interest-only period expires, which can lead to high payments depending on the market. Plus, you might end up taking on a h...
Adjustable-rate mortgages (ARMs) can save borrowers a lot of money in interest rates over the short to medium term. But if you are holding one when it’s time for the interest rate to reset, you may face a much higher monthly mortgage bill. That’s fine if you can afford it, but ...
Will rates stay high for the foreseeable future? There's no way to tell for sure, but there are ways to get around them if they do. Find out what today's mortgage rates are here. What to do if mortgage interest rates stay high ...
Within each type of mortgage, borrowers have the option to buydiscount pointsto buy their interest rate down. Points are essentially a fee that borrowers pay up front to have a lower interest rate over the life of their loan. When comparing mortgage rates, make sure you are comparing rates ...
Mortgages are sold in a competitive marketplace, so borrowers can typically find a better deal by shopping around with a few lenders. While mortgage rates are central to the shopping process, there are other factors borrowers need to consider. What is the interest rate and what is the annual...
The article reports on the mortgage market's interest rate spreads in the U.S. It has been reported that the average interest rate on 30-year fixed-rate mortgages had fallen from 6.4 to 5.9 percent over the same time period. Moreover, it pointed out that the decrease in mortgage rate ...
Click here for today’s ARM rates (Jan 7th, 2025) What is an ARM mortgage? FAQs What is an ARM? An adjustable-rate mortgage (ARM) is a loan that offers a low interest rate for an initial period, typically anywhere from 3 to 10 years. When the introductory rate expires, the interest...