Today’s Mortgage Rates – June 24, 2021: All Rates Going Up

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Mortgage rates higher today than yesterday. This is what they look like on June 24, 2021:

Data source: National Ascent Mortgage Interest Rate Tracking

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30 year mortgage rate

Average 30 year mortgage rate today is 3.215%, which is 0.002% more than yesterday. At today’s rate, you will pay $ 433.00 in principal and interest for every $ 100,000 you borrowed. This does not include additional costs such as property taxes and homeowner insurance premiums.

Mortgage rates for 20 years

Average 20 year mortgage rate today is 2.979%, which is 0.026% more than yesterday. At today’s rate, you will pay $ 553.00 in principal and interest for every $ 100,000 you borrowed. Although your monthly payment will increase by $ 120.00 on a 20-year loan of $ 100,000 compared to a 30-year loan of the same amount, you will save $ 23,189 in interest over the repayment period for every $ 100,000. borrowed.

Mortgage rates for 15 years

Average 15 year mortgage rate today is 2.498%, which is 0.002% more than yesterday. At today’s rates, you will pay $ 667.00 in principal and interest for every $ 100,000 you borrowed. Compared to a 30-year loan, your monthly payment will be $ 234.00 more for every $ 100,000 of your mortgage principal. However, your interest savings will be $ 36,016.00 over the maturity period based on $ 100,000 in mortgage debt.

5/1 ARM

Average 5/1 speed ARM is 2.897%, which is 0.070% more than yesterday. Obviously, today you will get a much lower interest rate on a 5/1 ARM mortgage than with a 30 year loan. But remember that 5/1 ARM guarantees you this rate only for five years, and after that the interest rate on your loan may rise. So there is a risk of getting a regulated rate mortgage despite the initial savings.

Do I have to lock in my mortgage rate now?

Locking a mortgage rate guarantees you a specific interest rate for a specific period of time – usually 30 days, but you can keep your rate for up to 60 days. You usually pay a commission to lock in your mortgage rate, but this way you are protected if rates rise between now and when the mortgage is closed.

If you are planning to close your home within the next 30 days, then it will be beneficial to lock in your mortgage rate based on today’s rates – especially since they are very attractive from a historical point of view. But if there are more than 30 days left before your close, you can opt for a floating rate lock instead of what would normally be a higher fee, but which could save you money in the long run. A floating rate lock allows you to secure a lower loan rate if rates fall before you close your mortgage. While today’s rates are pretty low, we don’t know if they will go up or down over the next few months. Thus, it is beneficial:

  • LOCK if closing 7 days
  • LOCK if closing fifteen days
  • LOCK if closing thirty days
  • TO SWIM if closing 45 days
  • TO SWIM if closing 60 days

If you are ready to buy a home, contact several different mortgage lenders to find out what rates they offer you. And as you research, keep in mind the closing costs, which are the fees you’ll pay to get your mortgage. Higher commissions can offset a lower interest rate, so look at the big picture when comparing your offers.

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