Mortgage Rates In A Minute

Good morning. For today, Wednesday, October 2nd, 2024, the national average:

• 30-year fixed mortgage rate trends is    6.20%

• 30-year fixed FHA loan rate is               5.99%

• 30- year fixed VA loan rate is                6.22%

• 30- year fixed Jumbo rate is                 6.33%

Meanwhile, the national average adjustable mortgage loan rates for:

• 3/1 ARM is   5.59% APR 6.60%

• 5/1 ARM is 5.80% APR 6.90%

• 7/1 ARM is   5.92% APR 6.95%

• 10/1 ARM is 6.28% APR 6.81%

Keep in mind, mortgage rates can change daily, even hourly, based on market conditions. 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. 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. The lender you work with.

5. Mortgage points.

6. Property location.

7. Down payment amount.

8. Loan amount and rate type.

Need to Know: 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. As always, thank you so much for stopping by. Until next time...Diana