Marco Santarelli

FEBRUARY 16, 2025

Todays Mortgage Rates February 16, 2025: Rates Hold Steady Key Takeaways Current Average Rates : 30-Year Fixed : 6.53% 15-Year Fixed : 5.87% Adjustable Rates : Competitive 5/1 and 7/1 ARMs at 6.45% and 6.40%. FHA Loans : These loans are originated by approved lenders and insured by the FHA.

FHA loan

Redfin

JULY 31, 2025

There are many alternative mortgage options, and you might overlook a program better suited to your financial situation. Common loan types include: Conventional Loan: Offers flexible down payment options as low as 3% with private mortgage insurance (PMI). FHA Loan: Require only 3.5%

VA loan

Redfin

JULY 31, 2025

Along with the expertise you’ll receive, some programs or lenders may offer incentives for completing courses such as lower interest rates and down payment assistance. State and local programs: Cities and states may offer down payment assistance, forgivable loans, or closing cost help. These require just 3.5%

Purchase and sale agreement

Redfin

APRIL 11, 2025

When you pay your mortgage each month, the payments go toward a tangible asset rather than a landlord. Owning a home can also bring more financial stability , especially with a fixed-rate mortgage, as it offers predictable monthly payments, compared to rent, which can rise.

Marketing

Marco Santarelli

MAY 2, 2025

As of today: The national average for a 30-year fixed-rate mortgage for new purchases is around 6.88%. Rates jumped up in early April, hitting a high of 7.14% the highest since May 2024. Don't Fall For the “Teaser” Rates! It's been a bit of a rollercoaster recently.

Mortgages

Marco Santarelli

APRIL 8, 2025

Today's mortgage rates, as of April 8, 2025 , show an average of approximately 6.50% for a 30-year fixed-rate mortgage. This figure reflects a slight decrease in rates following recent political news but remains susceptible to fluctuations due to inflationary pressures.

Mortgages

Housing Wire

OCTOBER 19, 2022

A doubling of 30-year fixed rate mortgage rates, shrinking profit margins and a risk of recession presents a challenging environment for independent mortgage banks (IMBs), but smaller IMBs are better positioned to weather challenges, claimed the Community Home Lenders of America (CHLA), a lobby group that represents smaller mortgage lenders.

VA loan

Point2Homes

AUGUST 26, 2021

Here are the most common types to look out for: Fixed-Rate Mortgages. These mortgages span several years and feature an interest rate that stays the same for the duration. A 15-year fixed-rate mortgage allows you to pay off your loan in half the time, but your monthly payments will be significantly higher.

Loans

Lab Coat Agents

FEBRUARY 7, 2023

The most common types of mortgages are: 30-year fixed-rate mortgage: With this type of loan, the interest rate remains fixed for the entire term, typically 30 years. This makes for predictable monthly payments and means you won’t have to worry about your rate going up in the future.

FHA loan

HomeLight

OCTOBER 15, 2020

Here’s a quick rundown of the three major government-backed loans. FHA loans : These are mortgages offered by the Federal Housing Administration , and they’re geared toward buyers with lower credit scores who don’t qualify for a conventional loan. Fixed-rate mortgage.

Loans

Realty Biz

DECEMBER 30, 2022

The big benefit of going with a conventional mortgage is that it's often going to allow you to get the lowest interest rates possible. You will, however, be able to choose between either a fixed-rate or an adjustable-rate mortgage, and it's going to impact the interest rate on your home loan.

Loans

HomeLight

JUNE 22, 2023

Credit scores typically fall into one of these ratings: 580 and below: poor 580-669: fair 679-739: good 740-799: very good 800-850: excellent The minimum credit score you need to be approved for a mortgage will depend on what kind of loan you are applying for. Q: Should I get a fixed-rate or adjustable-rate mortgage?

Debt-to-income ratio

Redfin

AUGUST 12, 2024

Because they meet federal guidelines, conforming loans typically offer lower interest rates due to reduced lender risk and are easier to qualify for compared to non-conforming loans. While they allow for higher loan amounts, jumbo loans typically have higher interest rates due to the increased risk for lenders.

Loans

Realty Biz

SEPTEMBER 30, 2023

These lenders understand the challenges you might be facing and are willing to work with you to find a suitable mortgage option with scores down to 500. Government-backed programs: Government-backed mortgage programs, such as FHA loans, VA loans, and USDA loans, often have more relaxed credit score requirements.

Finance

Marco Santarelli

APRIL 24, 2024

Additionally, consider the potential tax benefits of homeownership, such as the mortgage interest tax deduction. Beyond the Fixed-Rate Mortgage: Exploring Loan Options When navigating mortgage options, it's not just about the current interest rate environment.

Pre-approval

Marco Santarelli

APRIL 24, 2025

Choosing the right type of mortgage is just as important as getting a good rate. Here's a quick overview of some common options: 30-Year Fixed-Rate Mortgage: This is the most popular option. It offers a stable interest rate and predictable monthly payments over the life of the loan.

Mortgages

Real Estate Finance HQ

AUGUST 25, 2017

This guide outlines the types of, as well as the necessary qualifications for, FHA loans. What is a FHA Loan? The FHA, a unit of the Department of Housing and Urban Development, was created in 1934 specifically to help low- and moderate-income families obtain financing for home ownership. FHA Requirements.

FHA loan

Marco Santarelli

AUGUST 3, 2024

Not Saving Enough for a Down Payment: Many assume a 20% down payment is mandatory, but with options like FHA loans, you might be able to secure a mortgage with a smaller down payment. However, remember that a larger down payment often means lower interest rates and monthly payments.

Closing costs

Marco Santarelli

JUNE 5, 2025

Fixed-rate mortgages allow borrowers to lock in their interest rates for the loan's duration, ensuring predictability in monthly payments. The attractiveness of these loans becomes evident when compared to the inconsistencies of adjustable-rate mortgages (ARMs).

Mortgages

Redfin

JULY 31, 2024

They often require a higher credit score, a larger down payment, and come with higher interest rates due to the increased risk to the lender. USDA loans : Designed for rural and suburban homebuyers, these loans offer no down payment and reduced mortgage insurance premiums.

Pre-approval

HomeLight

NOVEMBER 29, 2021

Not everyone qualifies, and even if you don’t qualify, these low- and no-down payment loan programs are worth checking out. United States Department of Agriculture (USDA) home loans. Loans come with low interest rates and low or no down payment. Veterans Administration loans.

Land

Marco Santarelli

FEBRUARY 7, 2025

Here's a quick rundown of other types of mortgages: FHA Loans – Helping First-Time Buyers: Backed by the Federal Housing Administration, these loans are often easier to qualify for, especially for first-time homebuyers. My Opinion: I generally recommend a fixed-rate mortgage if you can afford it.

Mortgages

Marco Santarelli

FEBRUARY 10, 2025

The 30-year fixed-rate mortgage remains the most popular option among homebuyers, providing long-term security against rate increases. However, it's essential for prospective homebuyers to keep a watchful eye on these rates, as they can influence the overall affordability of homes and impact buying power.

Debt-to-income ratio