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A high mortgage interest rate can make it difficult to afford your monthly payments despite being fully qualified for your loan. If you choose to buy down your interest rate, this can can ease the...
For instance, last week Sharon quoted a client at a rate of 7.125% with no fees. If his client wanted to buy the rate down to 6.75%, it would cost $1,348 in discount points.
Finally, there's good news for homebuyers and for homeowners who want to refinance their mortgages: The 30-year fixed mortgage rate now averages 6.73%, dropping significantly from its 20-year peak ...
Discount points are always used to buy down the interest rates, while origination fees sometimes are fees the lender charges for the loan or sometimes just another name for buying down the interest rate. Origination fee and discount points are both items listed under lender-charges on the HUD-1 Settlement Statement.
In other words, if you buy a $400,000 home today and receive the average interest rate, you'll save $377 per month, $4,524 per year, and more than $135,000 in interest over the life of a 30-year ...
Higher interest rates typically have two effects on the housing market that can help drive down prices: They price some buyers out of the market, and they put downward pressure on housing prices ...
NACA Mid Atlantic includes New York, Pennsylvania, New Jersey, Delaware, Maryland, Washington D.C. (and the Washington metropolitan area) and the Canadian province of Eastern Ontario. NACA Northeast includes Maine , New Hampshire , Vermont , Massachusetts , Rhode Island , Connecticut , and the Canadian provinces of New Brunswick and Quebec .
Rates for a 15-year mortgage stand at an average 6.16% for purchase and 6.17 for refinance, down 1 basis point from 6.17% for purchase and 1 basis point from 6.18% for refinance this time last week.