Mortgage Rates for Friday, March 03, 2023 in a Minute

Good morning Houston first time home buyers, for Friday, March 03, 2023, the national average mortgage rate for a 30-year fixed mortgage loan is 7.12%, meanwhile, the national average mortgage rates for:

• 5.1 ARM is 5.83%         APR 7.73%

• 7/1 ARM is 6.07%         APR 7.79%

• 10/1 ARM is 6.30%       APR 7.76%

Don’t forget to shop around for your mortgage loan before committing to one. In addition, the rates you see, may not be the rate you get. Please also remember, there are several factors that goes into determining your rate. These factors include but not limited to:

1. Credit score

2. Loan type

3. Term

4. Property location

5. Down payment

6. Loan amount and rate type

As always, thank you for stopping by. Until next time...Diana