Mortgage Rates for Tuesday, May 2, 2023 in a Minute

Good morning, for today, Tuesday, May 2, 2023, the national average mortgage rate for a 30-year fixed loan is 6.88%. If you already own a home and looking to refinance, the current 15-year fixed refinance rate is 6.37% and the 30-year fixed refinance rate is 6.99%.

Meanwhile, the national average adjustable mortgage loan rates for:

• 5.1 ARM is 5.80%      APR 7.35%

• 7/1 ARM is 6.43%      APR 7.30%

• 10/1 ARM is 6.75%    APR 7.28%

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

Also, please remember, interest rate represent the cost of borrowing the principle. It does not include any fees or additional cost. While the Annual Percentage Rate (APR) represent not only the cost of borrowing the principle, but it also includes other fees as well. For this reason, interest rates are usually advertise at a lower rate, while the APR, is typically higher.

We hope you enjoyed your visit with us today. As always, thank you so much for stopping by. Until next time…Diana.