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Home >> Daily Dose >> What Will Buyers Pay at Todays Mortgage Rates?
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What Will Buyers Pay at Todays Mortgage Rates?

The week leading up to Independence Day showed multiple climbing mortgage rates, according to Bankrate’s Weekly Survey. Though mortgages are in a constant state of flux, they remain much lower than their Great Recession rates, leaving it a great time for buyers to lock in a rate.

Last weeks average for the benchmark 30-year fixed mortgage was up seven basis points from the week prior, coming in at 3.87 percent. This is slightly higher than last months average rate, which was 3.76 percent. Buyers would pay $469.95 per month in principal and interest at the current average rate for every $100,000 they borrow, which is $3.99 higher than last week.

The average 15-year mortgage rate is 3.06 percent, up from last weeks 3.02 percent. Of course, 15-year mortgage payments will be much higher than the 30-year, but buyers will also spend thousands less in interest and build equity much quicker. Buyers will have an average monthly payment around $693 per $100,000 at this rate.

5/1 ARMs, which are best for those who expect to sell or refinance before the first or second adjustment, experienced a 7 basis point increase since last week, bringing it to 3.20 percent. According to Bankrate, rates could be substantially higher when the loan first adjusts, and thereafter. At 3.20 percent, 5/1 ARM payments are estimated at $432 for each $100,000 borrowed over the initial five years. Depending on the loans terms, this number could skyrocket by hundreds of dollars after that.

Of Bankrate’s panelists in the mortgage field, including mortgage bankers, mortgage brokers, and other industry experts that provide residential first mortgages to consumers, 43 percent believe that mortgage rates will rise over the next week and the other 57 percent believe they will remain unchanged. None of the panelists believed rates would fall.

About Author: Brianna Gilpin

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Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation's leading diversified media and information services companies. To contact Gilpin, email [email protected]

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