Review Mortgage Lenders

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 ...

Benchmark mortgage rate moves higher for Friday

30-year fixed mortgages

The average rate you’ll pay for a 30-year fixed mortgage is 4.75 percent, an increase of 1 basis point from a week ago. A month ago, the average rate on a 30-year fixed mortgage was unchanged, at 4.75 percent.

At the current average rate, you’ll pay $521.65 per month in principal and interest for every $100,000 you borrow. That’s an extra $0.61 compared with last week.

You can use Bankrate’s mortgage calculator to figure out your monthly payments and see how much you’ll save by adding extra payments. 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 4.07 percent, unchanged over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $743 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 come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much faster.

Mortgage rates slide for Tuesday

30-year fixed mortgages

The average rate for a 30-year fixed mortgage is 4.72 percent, down 3 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 4.63 percent.

At the current average rate, you’ll pay principal and interest of $519.84 for every $100,000 you borrow. That’s a decline of $1.81 from last week.

You can use Bankrate’s mortgage calculator to estimate your monthly payments and see the effect of adding extra payments. 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 4.03 percent, down 8 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $741 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 come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more quickly.

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.