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Monday, March 20, 2023

Mortgage Rates Have Been On A Free-Fall

Quite a few mortgage rates have gone down today, which also includes the average rates for both 15-year fixed and 30-year fixed mortgages. The average rate for adjustable-rate mortgages has gone down inexplicably as well. Although it is quite common for the rates to keep fluctuating, the current situation finds them lower than they have been in years.

And due to this, it is a good time for prospective homebuyers to secure a fixed rate on their property. Now, before you purchase a house, you need to remember to take into account your financial condition as well as your personal needs- while shopping from various lenders, to see which one fits you the best. 

The Different Fixed Mortgage Rates

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As of now, the mortgage rates have been on a roller coaster ride, but the average 30-year fixed mortgage interest rate has been set at 3.14%, which is definitely a decrease of around 5 basis points as of the last week. The thirty-year fixed mortgages have been seen as the most common loan term, while the 30-year fixed mortgage would typically have one at a rate of interest that is higher than a 15-year fixed rate of the mortgage. 

For mortgage rates set on 15 years, the fixed rate has been set at 2.44%, which is quite a decrease of around 2 basis points from the same time the previous week. Now, when this is compared to a fixed mortgage over 30 years, a fixed mortgage of 15 years with the same rate of interest as well as the same loan value will definitely have a far higher monthly installment. But, if you can keep paying the monthly payments, there will always be quite a few benefits to a 15-year loan. 

To find your own personalized mortgage rates, one needs to speak to their local mortgage broker, as well as use their online mortgage service. One needs to be sure of their current financial conditions as well as their own goals when they are trying to look for a mortgage.

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