EBONIC ECONOMICS: THE 411 ABOUT HOMEBUYING YOU CAN DO IT
30-Year Fixed Mortgage Interest Rates
Today, the average rate for the benchmark 30-year fixed mortgage remained at 5.64%. One week ago, the 30-year fixed was 5.60%. The 52-week low is 3.00%.
The APR on a 30-year fixed is 5.66%. This time last week, it was 5.62%. APR is the all-in cost of your loan.
According to the Forbes Advisor mortgage calculator, homebuyers with a 30-year fixed-rate mortgage of $100,000 will pay $577 per month in principal and interest (taxes and fees not included) at today’s interest rate of 5.64%. The total interest paid over the life of the loan will be approximately $107,577.
15-Year Mortgage Interest Rates
The average interest rate on the 15-year fixed mortgage sits at 4.88%. This same time last week, the 15-year fixed-rate mortgage was at 4.79%. Today’s rate is higher than the 52-week low of 2.28%.
On a 15-year fixed, the APR is 4.92%. Last week it was 4.83%.
With an interest rate of 4.88%, you would pay$ 785 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $41,220 in total interest.
HOME BUYING NEED TO KNOWS
1. Credit -FHA (580) Conventional Loans (620)
2. Stable Work History (6 mo. to 1 year) minimum
3. Stable Rental History
4. Down Payment (3% FHA Loan) (5%Conventional Loans)
5. Closing Cost 5% of Loan Amount
6. Home Inspection cost ($300 - $900) Follow IG @eboniceconomics