This tracker looks at fixed, variable, and adjustable-rate products across the United States, and highlights average mortgage rates for various loan types. The Vantage Mortgage Group also offers insight on how these rates will be affected by the upcoming election season.
Fixed-rate mortgages are those in which the interest rate stays the same for the entire loan period. Typically, conventional 30 year fixed-rate mortgages remain steady with a rate around 3.625%. FHA loans are found to typically fall between 3.25% and 3.375%, while VA loans have remained under 3.50% for most of the year.
Adjustable-rate mortgages (ARMs) generally have lower rates than fixed-rate mortgages, but can go up over time. The widest rate range is seen in 5/1 ARM loans, which can range anywhere from 2.5% to 3.00%. The Financial Industry Regulatory Authority recommends that consumers understand the terms of the loan before signing any contract.
Variable-rate mortgages have rates that change from day to day, week to week, or month to month. These rates may be lower than fixed or adjustable-rate products, but they often rise more quickly when markets become volatile. The rate for a 5/1 ARM today is approximately 2.75%, while the rate for a 10/1 ARM is around 2.875%.
The Vantage Mortgage Group notes that the upcoming election cycle has the potential to affect mortgage rates. Some analysts worry that economic uncertainty due to the US presidential election could lead to higher interest rates. However, there is no guarantee to this, as the outcome of the election can only have an effect on the economy and markets if a new president chooses to aggressively pursue certain policies.
In conclusion, The Vantage Mortgage Group’s Weekly Mortgage Rate Tracker indicates that current rates are still stable, and the effects of the upcoming election can only be speculated. The company offers guidance on which loan type is best suited for individual borrowers’ needs, and encourages customers to make sure they understand all of the details of their loan before signing any contracts. Consumers should continue to watch interest rates carefully in order to identify the best deal for their situation.
This article was contributed on Oct 17, 2023