Posted on 04/18/2022 7:56:12 AM PDT by fireman15
After briefly falling below 6% last Friday, the average rate for a 30-year fixed-rate mortgage jumped up to 6.875%, increasing by more than one percentage point. The rate is nearly two percentage points higher than the average rate just one month ago.
Rates for most other loan categories increased as well, although not quite so dramatically. The average rate on a 15-year fixed-rate loan, however, moved lower.
The latest rate on a 30-year fixed-rate mortgage is 6.875%. ⇑ The latest rate on a 15-year fixed-rate mortgage is 5.143%. ⇓ The latest rate on a 5/1 ARM is 4.258%. ⇑ The latest rate on a 7/1 ARM is 4.414%. ⇑ The latest rate on a 10/1 ARM is 4.49%. ⇑
Money’s daily mortgage rates reflect what a borrower with a 20% down payment and a 700 credit score — roughly the national average score — might pay if he or she applied for a home loan right now. Each day’s rates are based on the average rate 8,000 lenders offered to applicants the previous business day. Freddie Mac’s weekly rates will generally be lower since they measure rates offered to borrowers with higher credit scores.
Today’s 30-year fixed-rate mortgage rates The 30-year rate is 6.875%. That’s a one-day increase of 1.021 percentage points. That’s a one-month increase of 1.988 percentage points.
(Excerpt) Read more at msn.com ...
Please note that these are the average rates real people getting are not the sugar-coated numbers that are being used to hide just how bad things are getting.
Finally, my 4.65% refi in 2010 makes me feel smart again.
Wow, with mortgage rates pushing 7% now, this is going to cause jumps in your monthly payment, and related decline in how much people can afford. And this is at a time when housing costs are at an all time high.
Good luck to anyone in the housing market right now.
No doubt about it. The housing market will now collapse.
Argh. And we’re putting our house on the market in 6 weeks. Fortunately it’s one of the lower priced ones in the zip code so hopefully it will go quickly.
And the best part is our house in FL, where we’re moving, is already paid for :)
Where are you moving from?
Good luck with the home sale!!
Personally, I waiting for the argument for and against an "austerity program". Government austerity will cure many of our ills.
“Say goodbye to the housing market. Thanks Brandon!”
And all the other things associated with it. Building supplies, construction jobs, mortgage loan, remodels...
And we could see a repeat of 2008 if a lot of people are in variable interest mortgages.
I can see a serious market crash coming.
Frederick, MD. Thanks!
Nice move :-)
“That was the first time since 2006 that occurred”
Summer 2019
Rate are high but I think the above quoted rates are too high for TODAY.
https://www.forbes.com/advisor/mortgages/mortgage-rates-04-18-22/
You are correct. I looked it up when I wrote my post and kept reading other articles after I posted. Unfortunately, the first article stated 2006. My bad.
Yup - the #s in this article are simply incorrect. I’m seeing 4.875% with no points from a number of lenders today and MND is close to the #s Forbes has.
Yes, I saw the Forbes article myself this morning. The numbers are based on different methodology. Forbes goes into no detail about how they determined their “average”. “Money’s daily mortgage rates reflect what a borrower with a 20% down payment and a 700 credit score — roughly the national average score — might pay if he or she applied for a home loan right now. Each day’s rates are based on the average rate 8,000 lenders offered to applicants the previous business day.”
Unfortunately, Money uses the more accurate methodology.
We were fortunate. Got an offer we accepted on our house in Seattle 2 weeks ago. We locked on our loan for our new house in Florida yesterday. It was at 4.5% and I was not happy, but with the news today I am ecstatic. Where are you moving in Florida? We are buying a house in Ormond Beach.
Actually showing 4.3% 30 year fixed with no points on a jumbo mortgage in my area with 25% down right now.
Here is a chart of historical rates for 30 year.
We are seeing that from the Trump era the cost of a mortgage payment (P&I onty) has gone up about 40% in a year and a half.
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