Some closely followed mortgage rates declined today. 15-year fixed and 30-year fixed mortgage rates both moved down. We also saw a reduction in the average rate of 5/1 adjustable-rate mortgages. Although mortgage rates are always changing, they are lower than they've been in years. If you plan to finance a house, now might be an excellent time to lock in a fixed rate. But as always, make sure to first think about your personal goals and circumstances before purchasing a home, and shop around for a lender who can best meet your needs.
30-year fixed-rate mortgages
The 30-year fixed-mortgage rate average is 3.00%, which is a decline of 1 basis point as seven days ago. (A basis point is equivalent to 0.01%.) The most frequently used loan term is a 30-year fixed mortgage. A 30-year fixed mortgage will usually have a higher interest rate than a 15-year fixed rate mortgage -- but also a lower monthly payment. Although you'll pay more interest over time -- you're paying off your loan over a longer timeframe -- if you're looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.