Money Dot Com Has This to Say About Mortgage Rates

 Straight from Money.Com:

Mortgage interest rates for the week ending March 23, 2023

Average mortgage rates were lower this week —

• The current rate for a 30-year fixed-rate mortgage is 6.42%, down by 0.18 percentage points from a week ago. Last year, the 30-year rate averaged 4.42%.
• The current rate for a 15-year fixed-rate mortgage is 5.68%, a decrease of 0.22 percentage points week-over-week. The 15-year rate averaged 3.63% a year ago.

For its weekly rate analysis, Freddie Mac looks at rates offered for the week ending each Thursday. The average rate represents roughly the rate a borrower with strong credit and a 20% down payment can expect to see when applying for a mortgage right now. Borrowers with lower credit scores will generally be offered higher rates.

Money's average mortgage rates for March 23, 2023

The average rate on a 30-year fixed-rate mortgage ticked up just 0.005 percentage points yesterday, bringing the rate up to 7.5%. All other loan categories saw higher rates as well, with the rate on a 5/6 adjustable-rate loan increasing by nearly a quarter of a percentage to 7.544%.

• The latest rate on a 30-year fixed-rate mortgage is 7.5%. ⇑
• The latest rate on a 15-year fixed-rate mortgage is 6.25% ⇑
• The latest rate on a 5/6 ARM is 7.544%. ⇑
• The latest rate on a 7/6 ARM is 7.741%. ⇑
• The latest rate on a 10/6 ARM is 7.652%. ⇑

Money's daily mortgage rates are a national average and reflect what a borrower with a 20% down payment, no points paid 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. Your individual rate will vary depending on your location, lender and financial details.

These rates are different from Freddie Mac’s rates, which represent a weekly average based on a survey of quoted rates offered to borrowers with strong credit, a 20% down payment and discounts for points paid.

Today’s mortgage rates and your monthly payment

The rate on your mortgage can make a big difference in how much home you can afford and the size of your monthly payments.

If you bought a $250,000 home and made a 20% down payment — $50,000 — you would end up with a starting loan balance of $200,000. On a $200,000 home loan with a fixed rate for 30 years:

• At 3% interest rate = $843 in monthly payments (not including taxes, insurance, or HOA fees)
• At 4% interest rate = $955 in monthly payments (not including taxes, insurance, or HOA fees)
• At 6% interest rate = $1,199 in monthly payments (not including taxes, insurance, or HOA fees)
• At 8% interest rate = $1,468 in monthly payments (not including taxes, insurance, or HOA fees)

Just keeping you informed, all things Real Estate