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Frequently Asked Questions

What is the current mortgage interest rate?

National 30-year fixed mortgage rates go up to 3.69% . Additionally, the current national average 15-year fixed mortgage rate increased 4 basis points from 3.15% to 3.19% . The current national average 5/1 ARM rate is equal to 3.60% .

What is the going rate for mortgages?

The Mortgage Bankers Association expects the average mortgage rate on a 30-year mortgage to reach 3.5 percent by mid-2022 and 4 percent by late 2022. For the millions of homeowners who have yet to lock in historically low interest rates by refinancing, that money-saving opportunity soon might fade away.

What is the interest rate on a home loan?

Mortgage interest rates are either fixed or variable. With a fixed-rate mortgage, your interest rate - and therefore your monthly repayments - are fixed for a certain period. This can be as short as two years or as long as 10 years. When we checked in September 2019, the average rate for a two-year fixed-rate mortgage was 2.77% .

What is the housing interest rate?

Interest rates for home loans had already been historically low in 2019 - around 4% for a 30-year mortgage at Meritrust Credit Union, for example "But once the pandemic hit, interest rates pretty much just dropped like a rock and it was kind of game on at that point," said John Beckman, who is Meritrust's director of residential lending.

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