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Bankrate follows a strict editorial policy, so you can be sure our content is honest and accurate. Our award-winning editors and journalists create honest, accurate content to help you make the right financial decisions. The content created by our editorial team is objective, factual and not influenced by our advertisers.
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Rates on mortgage offers announced on Bankrate.com soared last week. The average mortgage rate that Bankrate readers clicked on Thursday rose to 2.56 percent, an increase of 7 basis points from the previous Thursday. Mortgage rates remain historically low, which makes it a good time to get a mortgage Where refinance.
This “clicked” rate reflects purchase mortgages and refinances with all conditions, including 30 years and 15-year loans. Prices may include reduction points.
The softer offers come with caveats. For example, to get the best combination of rates and costs, you will typically need a credit score of 740 or higher and a down payment of 20% or higher. And many of the lower rates displayed on Bankrate.com include points of call, a way to lower the rate by paying more at closing.
Mortgage rates are constantly changing and hovering near historic lows for months. The upward and downward trends reflect the unpredictability of the mortgage market as the economy continues to recover from the COVID-19 recession.
Even after their recent moves, rates remain well below where they were before the coronavirus pandemic sent rates to record highs. This means that it may still be a good idea to refinance your mortgage.
Key to take away
Be sure to shop around – you can save thousands of dollars by getting at least three deals.
Compare mortgage rates in your area now.
Average click-through rate for purchase loans
The average rate that Bankrate readers clicked on 30-year purchase mortgages rose to 2.8%, from 2.72% seven days earlier. At that average rate, you’ll pay $ 410.89 per month in principal and interest for every $ 100,000 you borrow.
Average click-through rate for refinance loans
The average rate that Bankrate readers clicked for 30-year refinances rose to 2.63 percent from 2.58 percent on the previous Thursday.
You can use Bankrate mortgage payment calculator to find your monthly payments and see the effects of additional payments. The tool will also help you determine how much interest you will pay over the life of the loan.
Compare refinancing rates in your area now.
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