The wind continues to blow in the wrong direction for mortgage borrowers. — Greg McBride, Bankrate Chief Financial Analyst As homebuyers grapple with record prices this spring, mortgage rates have also crept up. On a 30-year fixed loan, the average rate was 7.39 percent as of May 1, according to Bankrate’s survey of large lenders,
We independently select these products—if you buy from one of our links, we may earn a commission. All prices were accurate at the time of publishing. We have a 15-year fixed-rate mortgage, but our plan is to pay it off much faster than that. In order to accomplish this goal, we have to put as
As mortgage rates fall, aspiring homeowners have gained nearly $40,000 in buying power in a matter of months, according to a new report. But that power comes with a catch: increased competition. Now that the 30-year mortgage rate has fallen from nearly 8% to below 7%, home buyers with a monthly housing budget of $3,000