Mortgage rates dropped for the third consecutive week amid signs of easing inflation and market anticipation of a future Fed rate reduction. These lower mortgage rates along with the gradually improving housing supply are positive signs for the housing market.
30-year Fixed-Rate Mortgages:
• Last week's: 6.95% ⬇
• Current average: 6.87%
• One year ago: 6.67% ⬆
15-year Fixed-Rate Mortgages:
• Last week's average: 6.17% ⬇
• Current average: 6.13%
• One year ago: 6.03% ⬆
Prospective homeowners should keep in mind that it’s important to compare different mortgage rates as they can differ significantly among lenders. According to Zillow, the median value of a home in the U.S. was $360,310 in May and at 6.87% 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) - $2,695
• 10% down ($36,031) - $2,520
• 20% down ($72,062) - $2,124
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