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Mortgage applications fall, as refinancing hits 20-year low .com

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased to 4.79 percent last week from 4.84 percent the previous week, with points decreasing to 0.41 from 0.42 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.

“Financial market volatility in response to continued worries about trade resulted in both lower mortgage rates and a drop in applications last week,” said Mike Fratantoni, chief economist at the MBA, adding that refinances saw one of the weakest readings in the last 20 years.

Lower interest rates are not doing much for homebuyers either. Mortgage applications to purchase a home rose 1 percent for the week but were 1.4 percent lower than the same week one year ago. The only gains were in FHA purchase applications. FHA loans are government-insured and offer lower down payment options to buyers with weaker credit scores.

“A shortage of inventory remains a significant constraint, but it is interesting to note that applications for government purchase loans fared better on the week, indicating that first-time buyers remain in the market,” said Fratantoni.

Mortgage rates move down for Monday

30-year fixed mortgages

The average 30-year fixed-mortgage rate is 4.37 percent, a decrease of 3 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.46 percent.

At the current average rate, you’ll pay principal and interest of $498.99 for every $100,000 you borrow. Compared with last week, that’s $1.77 lower.

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 3.81 percent, unchanged since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $730 per $100,000 borrowed. The bigger payment may be a little more difficult 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 quickly.

Whats the total mortgage payment for a 105k home?

I want to know what would be a mortgage payment with everything included like taxes and etc. for a 105k home. I am looking to buy my first home and my credit score is 730. Our total take home money a month is $3600.


What is the term of the loan and what is the interest rate.