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Mortgage rates move up for Wednesday

30-year fixed mortgages

The average rate you’ll pay for a 30-year fixed mortgage is 4.47 percent, up 4 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 4.30 percent.

At the current average rate, you’ll pay principal and interest of $504.90 for every $100,000 you borrow. That’s an additional $2.37 per $100,000 compared to last week.

You can use Bankrate’s mortgage calculator to estimate your monthly payments and see what the effects of making extra payments would be. It will also help you calculate how much interest you’ll pay over the life of the loan.

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 3.91 percent, up 5 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $735 per $100,000 borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more quickly.

Mortgage lender may offer options to help pay expenses on an inherited property

Q: My wife and her sister were given their mother’s home when she died. The property was mortgage-free. For the past six years, her sister has been living in the house.

Over the years, we have helped her out with paying half the taxes and just a little amount of improvements over the years. We all are in our mid-60s. My wife’s sister is retired, and we are about to retire. We’ve agreed that she can stay in the home until she passes away. But that isn’t going to help us when it comes to paying expenses of the property.

Is there any way the sisters could do a reverse mortgage or get money out of the equity in the home? Since the sister living in the home can’t afford to make the payments, anything we get from the home would help offset the amount of money we will be paying once we retire.

A: We admire that you are going to such lengths to help out your sister-in-law. While going through a reverse mortgage may be right for you (we’ll get back to that in a moment), we’d like to suggest you first find a good mortgage lender or mortgage broker to talk to about the situation. You need some knowledge to inform your decision-making process, including the approximate value of the home your sister-in-law is living in as well as your own home’s value.

Mortgage Rates?

My mortgage rate went up extremely high and now I'm in aw of it dont want to loose my house...What shall i do...I though that a Fixed rate would keep me at my same payment...Someone with a lot of knowledge plz help...And Thank You for your help ...


I wish I could help you more. 1) Find a good, reputable mortgage broker in your area. They can look over what you have and explain it.