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Mortgage rates lower for Wednesday

30-year fixed mortgages

The average 30-year fixed-mortgage rate is 4.34 percent, down 2 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.48 percent.

At the current average rate, you’ll pay principal and interest of $497.22 for every $100,000 you borrow. That’s down $1.18 from 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 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 3.69 percent, up 1 basis point over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $724 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment 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 more rapidly.

Mortgage rates move higher for Tuesday

30-year fixed mortgages

The average rate for a 30-year fixed mortgage is 4.38 percent, an increase of 2 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.49 percent.

At the current average rate, you’ll pay a combined $499.58 per month in principal and interest for every $100,000 you borrow. That’s an additional $1.18 per $100,000 compared to 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 3.66 percent, down 2 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $723 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 rapidly.

When to close or fund mortgage if buying a new home?

Recently we visit a new home builder office and saw some beautiful model homes. They said it would take up 6 months to build once we pick a lot since those model homes are not for sale.