Mortgage rates jumped to 3% for the first time in a week. This is why this is still good news.

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Mortgage rates jumped to 3% for the first time in a month.

Average 30 year fixed rate mortgage rose 0.06% over the past week, according to Freddie Mac

Mortgage rates have changed slightly this month, from 2.94% to 3%. So, in general, today’s mortgage and refinancing rates pretty low. Given the competing factors affecting rates, some experts do not expect large fluctuations in the near future.

Mortgage rates are higher than in early 2021, but still favorable for borrowers. “These are phenomenal indicators. Don’t let the great be the enemy of the great, ”says Elliot Eisenberg, Ph.D., President and Chief Economist of GraphsandLaughs, LLC. So even if the rates are not the lowest they were in January 2021, you can still use current mortgage rates in your favor.

Right now, a 30-year $ 300,000 loan will cost $ 168 less per month, and you will save $ 60,000 in interest compared to getting the same loan just two years ago, when rates were about 1% higher.

But before you go for a low rate with the first lender you come across, factors other than your mortgage rate need to be considered when buying a home or refinancing.

What you need to know to get the best mortgage for yourself

Choosing the best home loan means getting the lowest interest rate while paying the lowest fees.

“I very often think that consumers are being misled in some of the advertisements … in most cases they don’t read the fine print,” says Jennifer Kuchis, senior vice president of real estate lending at the company. VyStar Credit Union… “They have to look at everything in general and at what is being proposed.” Two mortgages may have the same interest rate, but one offer may include additional commissions of several thousand dollars, for example discount points

Therefore, if you find yourself looking to take advantage of the low rates, be sure to take a closer look at best mortgage lender… To accurately compare offers, you need to submit a complete application, not just receive pre-approval of a mortgage, with every lender you are considering. Lenders must provide you with a standard form known as Loan valuation

Your loan evaluation will detail the rates, fees and conditions for each loan to make it easier for you to compare offers. When considering fees, pay special attention to the fees charged by the source or lender, the interest rate and annual percentage rate (APR), which takes into account certain commissions along with the interest rate.

Keep in mind, you need to compare apples to apples. Thus, the loans must have the same maturity (Mortgage for 15 years, 30 year mortgage, etc.) and be the same type of mortgage (FHA loan, VA credit, ordinary loan, etc.).

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