Mortgage Interest Rates Continue To Drift Lower

Several benchmark mortgage rates receded today. The average rates on 30-year fixed and 15-year fixed mortgages both slid down. On the variable-mortgage side, the average rate on 5/1 adjustable-rate mortgages inched up.

Rates for mortgages change daily, but they have remained in a historically low range for quite some time. If you’re in the market for a mortgage, it could make sense to go ahead and lock if you see a rate you like. Just be sure to shop around.

30-year fixed mortgages

The average rate for a 30-year fixed mortgage is 4.02 percent, down 5 basis points over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.31 percent.

At the current average rate, you’ll pay principal and interest of $478.57 for every $100,000 you borrow. That’s $2.89 lower, compared with last week.

You can use Bankrate’s mortgage calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 3.49 percent, down 2 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $714 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment would, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more quickly.

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