Rates as of August 9, 2022 have stayed low and remain near record lows over the last month. The average rate on a 30-year fixed mortgage is 3.21%, a 2-point decrease from last week. The 15-year rate is 2.60%, 3-points lower.
Adjustable-rate mortgages start with lower interest rates than fixed-rate mortgages and may save borrowers money over time. The average 5/1 ARM rate has dropped to 3.12% (2 points) while the 7/1 ARM is at 3.45%, a 1-point decrease. Meanwhile, Jumbo 30-year fixed mortgages are trending around 4.02%, a drop of 4 points.
Refinancing remains a valuable option for borrowers as rates stay low. Interest savings range from 0.9 to 3.7%. Home equity loans are also a great way to consolidate debt or pay for home improvements. The average 10-year home equity loan interest rate is currently 3.85%.
Today's rate is a great opportunity for homeowners and potential buyers alike. Low mortgage rates mean higher purchasing power, increased cash flow, and more savings in the long-term. Borrowers should consider their goals, budget, and risk tolerance when making a decision on refinancing or taking out a new loan. An experienced mortgage professional can help borrowers find the right loan product to fit their individual needs.
Summary:
Mortgage and refinance rates have remained low and near record lows over the last month. The current average rate on a 30-year fixed mortgage is 3.21%, a 2-point decrease from last week, while the 15-year rate is 2.60%, 3-points lower. Adjustable-rate mortgages also offer lower interest rates than fixed-rate mortgages, with the average 5/1 ARM rate dropping to 3.12% and the 7/1 ARM rate falling to 3.45%. Jumbo 30-year fixed mortgages are trending around 4.02%, a drop of 4 points. Refinancing options are available to help borrowers save money, while home equity loans offer debt consolidation and financing for home improvements. Homeowners and potential buyers alike can benefit from today's low mortgage rates by having higher purchasing power, increased cash flow, and more savings in the long-term. Borrowers should consult an experienced mortgage professional to find the right loan product to fit their individual needs.
This article was contributed on Oct 10, 2023
