Marco Santarelli

APRIL 3, 2025

With this in mind, lets explore current rates, what they mean for you, and the broader economic context shaping these changes. Today's Mortgage Rates April 3, 2025: Rates Go Down After Tariff News Key Takeaways Current Mortgage Rate: Approximately 6.40% for a 30-year fixed-rate mortgage.

Mortgages

Marco Santarelli

JULY 31, 2025

Here's a bit of historical context to give you a better perspective: The Long-Term Average: Since 1971, the average interest rate for a traditional 30-year fixed mortgage has hovered around 7.74%. Illustrative Example: Let's say you borrow $160,000 at today's rates. You are paying it off with cheaper dollars!

Mortgages

Housing Wire

JUNE 16, 2022

The federal funds rate doesn’t directly dictate mortgage rates, but it does steer market activity to create higher rates and reduce demand. It’s painful that on the same $300,000 mortgage, the monthly payment rose to $1,800 today from $1,265 in December. mortgage industry to fund $4.1 Labor Department.

Marketing

Housing Wire

SEPTEMBER 22, 2022

With the rate for a 30-year mortgage 300 basis points higher than 2021, the buyer of a median-priced home this week is facing a monthly payment that is 66% higher than the same week in 2021, Ratiu noted. research and consulting at TransUnion. .” research and consulting at TransUnion.

Mortgages

Housing Wire

AUGUST 29, 2022

But for brokers, price isn’t the only determining factor when comparing rates for the borrower. On top of competitive rates, getting approved for a mortgage has to be an easy and quick closing process for the customer, said Kevin Leibowitz, CEO of brokerage Grayton Mortgage. million in the first quarter.

Loan Officer

HomeLight

DECEMBER 27, 2023

That starts with determining what it will take to pay off your mortgage. Your monthly mortgage payment has two main components : the principal (the amount you’ve borrowed) plus interest (the lender’s charge for lending you money), according to the Consumer Financial Protection Bureau (CFPB).

Pre-approval

Realty Biz

AUGUST 12, 2023

In a mortgage agreement, the buyer borrows money from the lender (usually a bank) and agrees to pay it back with interest over a specified period. Principal : The amount of money you borrowed to buy the home. Over time, you'll pay down the principal and interest. It's typically expressed as a percentage of the home's price.

Purchase and sale agreement

Toronto Realty Blog

JUNE 20, 2022

monthly payment, how much, on average in the first year, was principal being paid down? $7. You’ve heard of the “interest-only mortgage,” right? He got his ducks in a row early in the year and had a mortgage pre-approval with a 5-year, fixed rate of 2.79%. But of that $492.70

Principal

Toronto Realty Blog

APRIL 18, 2022

As has been widely discussed, the Bank of Canada raised the overnight lending rate by 50 basis points last week, on the heels of a 25 basis point increase last month. The 5-year, fixed-rate mortgage isn’t affected by the overnight lending rate, but rather the variable is. Fixed-Rate (5-year): 4.19%.

Fixed-rate mortgage

Redfin

AUGUST 12, 2024

Your monthly mortgage payment generally consists of four components: Principal : The amount of money you borrow to buy the home. Interest : The cost of borrowing the money, calculated as a percentage of the principal. Insurance : Homeowner’s insurance and, if applicable, private mortgage insurance (PMI).

Loans

Redfin

DECEMBER 15, 2023

In 2020, interest rates took a sharp dive as the Federal Reserve sought to stave off economic collapse amid the pandemic. The resulting low rates sparked a surge in real estate transactions, with numerous homebuyers securing 30-year fixed-rate mortgages below 3%.

Fixed-rate mortgage

Norada Real Estate

JUNE 22, 2022

Shortage of any of these factors could make you not pre-qualify for a loan. Lenders and others use the ratio to understand how risky a loan is, and it can be used for approving loans or requiring private mortgage insurance (PMI). Types of Mortgage Options For Financing Turnkey Rental Properties. Fixed-rate mortgages.

Finance

Redfin

JULY 11, 2023

Essentially, a mortgage enables individuals to become homeowners by providing the necessary funds upfront, with the property serving as security for the loan. How does a mortgage work? When you take out a mortgage, the lender provides you with a specific amount of money to buy a home. What are the different types of mortgages?

Pre-approval

Marco Santarelli

FEBRUARY 24, 2025

Heres a breakdown based on the current 30-year fixed rate of 6.50% : $150,000 Mortgage : About $948 per month (principal and interest). 200,000 Mortgage : Around $1,264 per month (principal and interest). 300,000 Mortgage : Approximately $1,896 per month (principal and interest).

Mortgages

Marco Santarelli

AUGUST 15, 2024

Before we dive into the nitty-gritty, let's clarify the two major ways a 1% interest rate difference affects your mortgage: Short-Term: Monthly Payments Imagine you're eyeing a beautiful $250,000 home with a 30-year fixed-rate mortgage. Sarah secures a mortgage at 7% interest.

Mortgages

Marco Santarelli

MARCH 24, 2025

What's Your Monthly Payment on a $150,000 Mortgage? If you're looking at a smaller mortgage of $150,000 with a 30-year fixed rate of 6.51% , your estimated monthly payment would be around $948. That includes principal and interest, before taxes and insurance. Shop around and compare rates from different lenders.

Mortgages

Marco Santarelli

MAY 29, 2025

The rate you actually qualify for will depend on your unique financial situation. National Mortgage Rate Trends Let's take a step back and look at the bigger picture. Here's what's happening with national average mortgage rates: 30-Year Fixed-Rate Mortgages: The current national average is 7.08% (Zillow).

Mortgages

Marco Santarelli

AUGUST 9, 2024

One of the most promising indicators is the rapid decline in mortgage rates. According to Freddie Mac, rates on 30-year fixed-rate mortgages plummeted below 6.5% Interest Rate Loan Amount: $400,000 Interest Rate: 7.5% Loan Term: 30 years Monthly Principal & Interest: $2,838 Scenario 2: 6.5%

Mortgages

Marco Santarelli

MAY 24, 2024

That's a significant increase from rates a year ago, which were closer to 6.4%. This can mean a bigger chunk of your monthly payment going towards interest, leaving less room for your principal. For example, let's say you were looking to finance a $300,000 house with a 30-year fixed-rate mortgage at 6.4%.

Mortgages

Redfin

SEPTEMBER 27, 2021

Shopping for a mortgage, you might encounter lenders who pre-qualify you for a higher loan amount than you expected. According to this rule, also used by lenders, most people can afford to spend as much as 28% of their gross monthly income on a mortgage and up to 36% on debt payments and still manage other typical recurring expenses.

Debt-to-income ratio

Toronto Realty Blog

MAY 26, 2022

Now, consider that the overnight lending rate only has a direct impact on the variable rate mortgage, whereas the fixed-rates are affected by the bond market. But an increasing interest-rate environment is going to lead to higher fixed-rate mortgages over time. Sure, in theory.

Fixed-rate mortgage

The Close

DECEMBER 29, 2022

How else would you and your clients understand how much is being paid in principal and interest over the years? Annual percentage rate (APR). Clients may be confused about the difference between an interest rate on their mortgage loan and an APR. Got Clients With Interest Rate Questions? Fixed-rate mortgage.

Purchase and sale agreement

Marco Santarelli

AUGUST 27, 2024

While the federal funds rate doesn't directly dictate mortgage rates, it wields considerable influence. The Impact of a “Five-Handle” on Mortgage Rates As of August 22nd, 2023, the average interest rate for a 30-year fixed-rate mortgage sits at 6.46%, according to the Federal Reserve Bank of St.

Marketing

Marco Santarelli

FEBRUARY 22, 2025

Let's break down some examples to see what these 6.50% rates mean for different loan amounts on a 30-year fixed mortgage. Remember, these are just estimates for principal and interest and don't include property taxes, homeowners insurance, or potentially private mortgage insurance (PMI).

Mortgages