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First Rate Mortgage

About Kim Lyons of First Rate Mortgages and Non Bank Loans

Kim Lyons is a Director of First Rate Mortgages Ltd and NonBk Ltd - Non Bank Loans. Home Loans Mortgages and Finance. Specialising in mortgage ...

Mortgage rates dip for Monday

30-year fixed mortgages

The average rate for the benchmark 30-year fixed mortgage is 4.40 percent, a decrease of 1 basis point over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was lower, at 4.37 percent.

At the current average rate, you’ll pay principal and interest of $500.76 for every $100,000 you borrow. Compared with last week, that’s $0.59 lower.

You can use Bankrate’s mortgage calculator to get a handle on what your monthly payments would be 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 3.79 percent, down 1 basis point over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $729 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, 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 faster.

Closely watched mortgage rate retreats for Tuesday

30-year fixed mortgages

The average rate for the benchmark 30-year fixed mortgage is 4.40 percent, a decrease of 1 basis point from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.43 percent.

At the current average rate, you’ll pay principal and interest of $500.76 for every $100,000 you borrow. That represents a decline of $0.59 over what it would have been last week.

You can use Bankrate’s mortgage calculator to get a handle on what your monthly payments would be 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 3.80 percent, up 1 basis point over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $730 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 faster.

What was the variable first mortgage housing rate in june 1987?


In June, 1987, the 11th District Cost of Funds Index was 7.274 percent. Today, the 11th District Cost of Funds Index is 2.003.

The typical spread on a loan is 2.750 percent.