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Mortgage Rates Today: November 27, 2024—Rates Remain Fairly Steady
- Today’s average mortgage rate on a 30-year fixed-rate mortgage is 7.22%, down 0.07 percentage point from the previous week
- Borrowers may be able to save on interest costs by going with a 15-year fixed mortgage, which will typically have a lower rate than a 30-year, fixed-rate home loan.
- Today’s 30-year mortgage—the most popular mortgage product—is 7.22%, down 0.07 percentage point from a week earlier.
- Let’s say your home loan is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 7.22%, your monthly payment will be about $680, including principal and interest (taxes and fees not included)
- Today’s 15-year mortgage (fixed-rate) is 6.33%, down 0.04 percentage point from the previous week.
- Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 7.20% will pay $679 per month in principal and interest per $100,000.
- Comparing APR among lenders is a better way to see overall costs because it will show you everything from interest rate to fees.
- Home loan borrowers can qualify for better mortgage rates by having good or excellent credit, maintaining a low debt-to-income (DTI) ratio.
- Further, the inflation rate and the general state of the economy directly impact interest rates.
- For buyers with limited credit or finances, a government-backed loan is usually the better option as the minimum loan requirements are easier to satisfy.
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