Home Purchase Mortgage Rates look attractive for now.
Amidst the pandemic, predictions can be challenging! Did you know that mortgage rates went down very much to below 3% in December and January? Inflation decides what happens now in the last quarter, and mortgage rates could rise. Maybe the average 30-year fixed-rate could touch 3.1% by year-end. If Current Mortgage Rates increase, refinance slows down as compared to the same time in 2020. Yet, home buying seems attractive for now and 2022.
Why do you need a Mortgage Payment Calculator? Working with significant figures, especially amidst hectic office schedules, can be risky. Though dependence upon technology needs to be avoided, the calculator reduces the headache. Like playing a game, enter alternative home prices and down payments, loan terms, and interest rates. Notice the changes in monthly payments. How is the monthly payment calculated? Principal and interest, property tax, and homeowners insurance are considered. Don’t forget about the credit score.
How are the Current Mortgage Rates doing? Consider a hypothetical purchase price of $250,000 with a down payment of $50,000. Notice the dramatic changes when the loan term is shorter and with the ARM variables. The rates here are certainly not final but only indicative. ● 30-year fixed has an interest rate of 2.875% and monthly payments of $830 ● 20-year fixed has an interest rate of 2.500% and monthly payments of $1060 ● 15-year fixed has an interest rate of 2.125% and monthly payments of $1299 ● 10y/6m ARM variable has an interest rate of 2.375% and monthly payments of $777