Although 30-year fixed mortgage rates looked poised to top 5% earlier this week, they have pulled back slightly in recent days.
Rates have increased dramatically in recent months. They started the year with a weekly average of 3.22% and are now approaching 5%.
If you’re thinking about buying or refinancing right now, remember that you don’t have to settle for the first lender to approve you. Comparing multiple offers can help you save money.
“While rates have increased, keep in mind that
Current mortgage rates
Current Refinance Rates
Use our free mortgage calculator to see how current mortgage rates would affect your monthly payments. By entering different rates and terms, you’ll also understand how much you’ll pay over the entire life of your mortgage.
Your estimated monthly payment
- paying a 25% a higher down payment would save you $8,916.08 on interest charges
- Reduce the interest rate on one% I would save you $51,562.03
- Paying an additional $500 each month would reduce the length of the loan by 146 months
Click “More Details” for tips on how to save money on your mortgage over the long term.