Interest Rate Update
MORTGAGE-WORLD.com is your full-service online mortgage broker offering a daily interest rate update!
We have over 20 years experience in the mortgage industry and we are licensed in New Jersey, Connecticut and Florida.
An interest rate update occurs every day. Rates have been going down recently.
For a quicker response, call 888-958-5382
INTEREST RATE UPDATE
Federal Reserve – Mortgage Interest Rates
Current Mortgage Interest Rates*
- Conventional – 5.875%
- FHA – 5%
- VA – 5%
- USDA – 5%
*Varies based on loan term and credit score
(Last updated: 08/05/2024)
Mortgage Interest Rate Update Summary:
- Overall improvement of rates
- 30-year fixed mortgage
- Refinance mortgage
- Rates depend on certain factors
- Average interest rate is 5.875% (last updated: August 5th, 2024)
MORTGAGE INTEREST RATE UPDATE
Interest Rate Update
How To Get The Best Mortgage Rate For You
- Determine what type of mortgage is right for you. Consider your credit score and down payment, how long you plan to stay in the home, how much you can afford in monthly payments and whether you have the risk tolerance for a variable-rate loan compared to a fixed-rate loan.
- Choose the best mortgage offer for you. Our mortgage calculator can help you estimate your monthly mortgage payment, which can be useful as you consider your budget. Look at the Annual Percentage Rate (APR), not just the interest rate. The APR is the total cost of the loan, including the interest rate and other fees. These fees are apart of your closing costs.
Factors That Determine Your Mortgage Rate
- Your credit and finances: The better your credit score, the better interest rate you’ll get. The same goes for your down payment and the amount of debt you’ll carry: Typically, if you have more money to put down, you’ll get a lower rate. If you have additional debt, your rate might be higher.
- Loan amount: The size of your loan can impact your rate.
- Loan structure: Your rate varies whether you’re obtaining a fixed-rate or adjustable-rate loan. Also, it depends on the length of the loan (for example, 30 years or 15 years).
- Location of the property: Rates vary depending on where you’re buying.
- Whether you’re a first-time homebuyer: Many first-time homebuyer loan programs include a lower-rate mortgage.
- Economic factors: Mortgage rates are mostly impacted by forces like the Federal Reserve, inflation and investor appetite.
How to Refinance Your Current Mortgage
Refinancing might make sense in some cases, even with current interest rates. Perhaps you want to switch from an Adjustable Rate Mortgage (ARM) to a fixed-rate loan before rates reset.
Maybe you no longer want an FHA to eliminate mortgage insurance. Perhaps you need to refinance due to divorce or other circumstances. With home values rising, it’s possible that a refinance could free you from paying for private mortgage insurance.
The raise in value might allow you to refinance and tap into your home equity to pay for home renovations.
Apply Now!
For a quicker response, call 888-958-5382
Written by: Julia Luis, Loan Officer for Mortgage-World.com, LLC
Julia Luis covers mortgages and the housing market. Before joining Mortgage-World.com, she was a college student at the University of Miami.
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