Looking for the most up-to-date mortgage rates to empower your purchasing or refinancing decisions? We’ve got you covered
, so you can have the most current data when purchasing or refinancing your home.The average mortgage interest rate for a standard 30-year fixed mortgage is 5.53%, a decrease of 0.07 percentage points from last week’s 5.60%.
Thirty-year fixed mortgages are the most commonly sought out loan term. A 30-year fixed rate mortgage has a lower monthly payment than a 15-year one, but usually has a higher interest rate.The average mortgage interest rate for a standard 15-year fixed mortgage is 4.91%, an increase of 0.07 percentage points from last week’s 4.84%.
Fifteen-year fixed rate mortgages come with a higher monthly payment compared to its 30-year counterpart. However, usually interest rates are lower and you will pay less total interest because you are paying off your loan at a faster rate.The average rate on a 5/1 adjustable rate mortgage is 4.22%, an increase of 0.01 percentage point from last week’s 4.21%. With an ARM, you will most often get a lower interest rate than a fixed mortgage for say, the first five years.
But you could end up paying more or less after that time depending on your loan terms and how that rate follows the market.When picking a mortgage, it is important to pick out a loan term or payment schedule. Usually you will be offered a 15 or 30-year loan term, but it is not uncommon to see 10, 20, or 40-year mortgages,Mortgages can be fixed-rate or adjustable-rate. Interest rates in fixed-rate mortgages are set in stone for the duration of the loan.
Adjustable-rate mortgages only have interest rates set for a certain period of time before the rate adjusts annually based on the market.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Forex Forecast: Pairs in Focus \u2013 AUD/USD, S\u0026P 500 IndexGet the Forex Forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the week of August 15, 2022 here.
Read more »
Weekly Forex Forecast - CAD/JPY, USD/JPY, AUD/USD, EUR/USDStart the week of August 15, 2022 with our Forex forecast focusing on major currency pairs here.
Read more »
Trading Support and Resistance \u2013 AUD/JPY, EUR/USD, GBP/USDGet our trading strategies with our monthly \u0026 weekly forecast of currency pairs worth watching using support \u0026 resistance for the week of August 15, 2022.
Read more »
Did you win Saturday's $48M Powerball drawing? Winning numbers, live resultsThe winning Powerball lottery numbers are drawn Saturday, Aug. 13, 2022, at 10:59 p.m. The Powerball jackpot drawing today (8/13/2022) is worth an estimated $48 million for a single winner.
Read more »
Your August 14 Weekly Horoscope Is Encouraging You to Be Your Most Authentic SelfRead your weekly horoscope for your zodiac sign for the week of August 14 to 20, 2022.
Read more »
Venomoth Raid Guide For Pokémon GO Players: August 2022ICYMI: Venomoth Raid Guide for PokemonGO Players: Defeat this evolved form of Venonat during the Bug Out! 2022 event in Tier Three raids. Pokemon
Read more »