According to Freddie Mac’s latest report, the 30-year fixed-rate mortgage has been steadily declining, reaching its lowest point in nearly three months. Given historical trends, the economy remains strong, and we anticipate that rates will continue to drop throughout the summer. This decrease is likely to attract more homebuyers back into the market.
30-year Fixed-Rate Mortgages:
• Last week's: 6.87% ⬇
• Current average: 6.86%
• One year ago: 6.71% ⬆
15-year Fixed-Rate Mortgages:
• Last week's average: 6.13% ⬆
• Current average: 6.16%
• One year ago: 6.06% ⬆
It’s crucial for individuals considering buying a home to remember that mortgage rates can vary widely from one lender to another, so it’s essential to make comparisons. However, the persistent issue of shelter inflation underscores the continuous battle for affordable housing. Zillow reports, the median value of a home in the U.S. was $360,310 in May and at 6.86% for a 30-year fixed rate mortgage, the typical monthly mortgage payment - principal, interest, PMI, insurance and real estate taxes - is shown below, based on down payment:
• 5% down ($18,016) - $2,700
• 10% down ($36,031) - $2,525
• 20% down ($72,062) - $2,152
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