![]() ![]() According to a recent survey by Fannie Mae, only 16% of Americans said it was a good time to buy. What's been happening in the housing marketĬonfidence in the housing market dropped again in September. Difference between APR and interest rate.What is a good interest rate on a mortgage?.What credit score do mortgage lenders use?.How are mortgage rates impacting home sales?.Use Money's mortgage calculator to get an estimate of your monthly payment, taking different rate scenarios into consideration. Homeowners considering a mortgage refinance should consider our list of the Best Mortgage Refinance Companies.) (Money's list of the Best Mortgage Lenders is a good place to start. If you're offered a higher rate than expected, make sure to ask why and compare offers from multiple lenders. The average rate on a 15-year fixed-rate mortgage increased to 6.89%, a change of 0.11 percentage points from a week ago. Persistently high rates continue to strain homebuyers, as the cost of financing a home inches higher and the housing market remains "fraught with significant affordability constraints," Sam Khater, chief economist at Freddie Mac, said in a press release. Mortgage rates have moved higher for five consecutive weeks.Īccording to Freddie Mac's weekly rate survey, the average rate on a 30-year fixed-rate loan increased to 7.57% for the week ending October 12, a change of 0.08 percentage points over the past seven days.
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