Mortgage Rates

Lock-In a 30-Year Rate: Homebuyers Benefit from Decreased Mortgage Rates

The article provides information on current mortgage rates for home purchases and refinancing as compiled by Credible. It explains the changes in rates for various terms and offers advice for buyers and homeowners looking to lock in favorable rates.

Date:
March 10, 2023
Est Time:
2
Minutes

The article discusses the current mortgage rates for home purchases and refinancing, as well as how these rates have changed over time. According to data from Credible, mortgage rates for 30-year, 20-year, and 15-year fixed terms have fallen, while rates for 10-year fixed terms have remained unchanged for home purchases. For refinancing, rates for 30-year, 20-year, and 15-year fixed terms have risen, while rates for 10-year fixed terms have remained unchanged. The article also explains how Credible calculates its mortgage rates and how the Federal Reserve affects mortgage rates.

According to Credible, mortgage rates for home purchases and refinances have changed since yesterday. Rates for 30-year, 20-year, and 15-year fixed-rate mortgages for home purchases have decreased, while rates for the 10-year term have remained the same. On the other hand, refinance rates have increased for the 30-year, 20-year, and 15-year fixed-rate mortgages but remain the same for the 10-year term.

Homebuyers who prefer a longer repayment term may want to take advantage of the decreased rates by locking in a 30-year rate. In contrast, homeowners who want to refinance into a longer repayment term may want to consider 20-year rates, which are lower than the 30-year term.

It's important to consider closing costs, such as appraisal, application, origination, and attorney fees, when thinking about a mortgage refinance or purchase.

Credible's mortgage rates are calculated based on information provided by partner lenders who pay compensation to Credible. The rates assume a borrower has a 740 credit score and is borrowing a conventional loan for a single-family home that will be their primary residence.

The Fed controls the U.S. money supply and short-term interest rates and influences mortgage rates indirectly. When the Fed buys a lot of mortgage-backed securities, it creates demand in the market, and lenders can make money even if they offer lower mortgage rates.

Source: https://www.foxbusiness.com/personal-finance/todays-mortgage-rates-march-10-2023

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