Here are the latest mortgage rates – and the experts say it’s time to buy a home?


Getty Images

Mortgage rates remain low: the average interest rate on a 30-year fixed rate mortgage is now 3.21% (the average annual percentage rate is 3.37%) and on a mortgage at 15-year fixed rate, it drops to 2.47% (APR is 2.71%, according to data released today by Bankrate. For those with excellent credit and other qualifying factors, you can probably find even lower rates: there are now 15-year rates close to 2% and 30-year rates below 3%, as you can see here and in the table below.

What do these mortgage interest rates mean?

Mortgage rates remain close to their historic lows, and today’s rates are roughly in line with recent rates for the month, as this table reveals.

30-year fixed rate loan 15-year fixed rate loan


3.`23% interest rate / 3.39% APR

2.47% interest rate / 2.71% APR


3.`23% / 3.39%

2.46% / 2.69%


3.`23% / 3.39%

2.42% / 2.66%


3.`23% / 3.39%

2.46% / 2.71%


3.`23% / 3.39%

2.46% / 2.71%


3.`23% / 3.39%

2.46% / 2.71%


3.`23% / 3.39%

2.46% / 2.71%


3.`18% / 3.35%

2.44% / 2.69%


3.`19% / 3.36%

2.44% / 2.70%


3.`18% / 3.35%

2.43% / 2.69%


3.16% / 3.32%

2.42% / 2.68%


3.16% / 3.33%

2.42% / 2.68%


3.22% / 3.39%

2.50% / 2.76%

Source: discount rate

Fluctuations in mortgage interest rates are common and can occur due to a variety of factors, such as inflation, economic growth, and changes in monetary policy. Most of the swings are small, but “a quarter point move in the space of a few weeks would be significant,” said Greg McBride, chief financial analyst at Bankrate.

How important is the interest rate?

While a 1% difference may not seem like much, it can add up to tens of thousands of dollars over the life of a loan. On a 30-year, $ 300,000 fixed rate mortgage with a 3% to 4% APR, you would end up paying over $ 60,000 more for the highest rate mortgage. Here’s a guide to whether or not you should buy points to lower your mortgage interest rate.

Will Mortgage Rates Go Up Soon?

Of course, no one has a crystal ball, but some experts expect mortgage rates to rise over the next year. McBride says a lot will depend on what happens with inflation, but if the general context is one of higher inflation, he predicts: higher rates. ”Denny Ceizyk, editor at LendingTree, also considers that inflation plays a role: “At some point, inflationary pressures could push mortgage rates up.”

Is Now a Good Time to Buy a Home?

There have been a lot of changes in the housing market over the past year and a half, so Holden Lewis, real estate and mortgage expert at NerdWallet, says he thinks it’s unwise to predict how house prices are going. switch. “You better not try to time the market. If you wait for prices to drop in a year or two, you might be disappointed. Instead, buy now if you’re sure you’re ready and can afford a home… it’s a very personal question with no single answer, ”says Lewis.

And Denny Ceizyk, senior mortgage writer for LendingTree, recently told Marketplace that the decision to buy now depends on your financial preparation for homeownership and how long you plan to live in the home. you buy, because even if house prices go down, they usually recover over the long term. “While house prices rise, interest rates remain [near] Lower in 60 years, therefore, it is much more affordable to buy more expensive homes. At some point, inflationary pressures could push mortgage rates higher, which argues in favor of buying sooner rather than later, ”says Ceizyk. But others disagree: Nicole Bachaud, Economic Data Analyst at Zillow, recently told us: “The market today is very competitive and bidding wars are common in many parts of the country. With stocks on the rise, waiting to buy could mean a more balanced market between buyers and sellers. ”

With that said, if you’re willing to buy and stay for the long term, these might be the best mortgage rates you’ll get. But be sure to shop around for the best rates (you can find 15 year rates close to 2% and 30 year rates below 3% as you can see here.), and find a home you can afford without putting too much stress on your budget. It’s also important to factor in other costs like closing costs (these tend to be around 2-5% of the cost of the loan), insurance, and property taxes.


About Scott Conley

Check Also

Mortgage rates go back above 7%

Mortgage rates are back above 7%, after falling last week. The 30-year fixed-rate mortgage averaged …

Leave a Reply

Your email address will not be published.