Average mortgage rates increased again last week, with the average rate on conforming 30-year fixed mortgages rising to 5.02 percent. In December, the average 30-year fixed mortgage rate hit 5 percent for the first time since May 2010. On Nov. 3, mortgage rates were at a record low of 4.42 percent.
Historically, the last time mortgage rates were above 6.0% was in November of 2008. The average rate at that time was 6.33%. A $200,000 loan would have carried a monthly payment of roughly $1,241.86. At today’s 5 percent, the monthly payment for a $200,000 loan would be $1,073.64, a difference of $168 per month for a homeowner.
Average Rates from Bankrate.com:
30 Year Fixed: 5.02% (4.96% last week)
15 Year Fixed: 4.39% (4.29% last week)
5 Year ARM: 4.0% (3.92% last week)
Bankrate’s national weekly mortgage survey is conducted each week from data provided by the top 10 banks and thrifts in the top 10 markets.
For help purchasing your next home, or selling the one you’re in…give me a call at (425) 483-1010 or email at Ryan@BoardwalkSeattle.com!
Real Estate Broker | Realtor ®
Boardwalk Real Estate, LLC
Phone: (206) 930-7959 | Email: Ryan@BoardwalkSeattle.com
Providing professional real estate services throughout the Greater Seattle area.
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