A naukri.com initiative
Forbes
4w
35
Image Credit: Forbes
Mortgage Rates Today: November 26, 2024—Rates Remain Fairly Steady
- The current mortgage rate on a 30-year fixed mortgage fell by 0.04 percentage point in the last week to 7.25%.
- Meanwhile, the APR on a 15-year fixed mortgage dropped 0.08 percentage point during the same period to 6.33%.
- Today’s average rate on a 30-year, fixed-rate mortgage is 7.25%, which is 0.04 percentage point lower than last week.
- To get an idea about how much you might pay in interest, consider that the current 30-year, fixed-rate mortgage of 7.25% on a $100,000 loan will cost $682 per month in principal and interest.
- Today, the 15-year mortgage rate sits at 6.33%, lower than it was yesterday. Last week, it was 6.41%.
- The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 7.20%— 0.08 percentage point down from last week.
- The Federal Reserve’s restrictive monetary policy—including its interest rate hikes, which it’s using to restrain inflation—is the primary factor that’s pushing long-term mortgage rates higher.
- Home loan borrowers can qualify for better mortgage rates by having good or excellent credit, maintaining a low debt-to-income (DTI) ratio and pursuing loan programs that don’t charge mortgage insurance premiums or similar ongoing charges that increase the loan’s annual percentage rate (APR).
- Comparing rates from different mortgage lenders is an excellent starting point. You may also compare conventional, first-time homebuyer and government-backed programs like FHA and VA loans, which have different rates and fees.
- Buyers in eligible rural areas with a moderate income or lower may also consider USDA loans. This program doesn’t require a down payment, but you pay an upfront and annual guarantee fee for the life of the loan.
Read Full Article
2 Likes
For uninterrupted reading, download the app