Remove Closing costs Remove Fixed-rate mortgage Remove Principal
article thumbnail

Rocket launches program to lower first-year mortgage payments

Housing Wire

UWM announced that its temporary rate buydowns – fueled by seller concessions – would reduce borrowers’ interest rates by up to 2% for the first two years of a mortgage. Rocket said that a homebuyer with a $400,000, 30-year fixed rate mortgage with 5.75% interest would generally pay about $2,334 in principal and interest.

Mortgages 418
article thumbnail

Today’s Mortgage Rates March 17, 2025: Rates Are Rising Again Slowly

Marco Santarelli

The rate you personally qualify for can vary based on factors like your credit score, down payment amount, the type of property you're buying, and even where you live. The Popular 30-Year Fixed-Rate Mortgage The 30-year fixed-rate mortgage is still the most common choice for homebuyers, and for good reason.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Today’s Mortgage Rates Rise Averaging 7.01%: January 01, 2025

Marco Santarelli

Understanding Mortgage Rates Mortgage rates are the interest rates that lenders charge on home loans. These rates can be classified as fixed-rate or adjustable-rate (ARM). Lets explore how the current 7.01% mortgage rate affects a common loan amount, like $340,000.

article thumbnail

How Much Would a $500,000 Mortgage Cost Per Month in March 2025?

Marco Santarelli

If you've got your sights set on a $500,000 home, you're likely asking the big question: How much would a $500,000 mortgage cost per month in March 2025? Well, based on the latest data from early March 2025, you could be looking at a principal and interest payment of around $3,200 to $3,300 for a 30-year fixed-rate mortgage.

article thumbnail

Today’s Mortgage Rates April 2, 2025: 30-Year Fixed Rate Drops to 6.5%

Marco Santarelli

Let's look at the specifics for today's mortgage rates: Loan Type Rate 30-Year Fixed 6.50% 20-Year Fixed 6.18% 15-Year Fixed 5.86% 5/1 ARM 6.60% 7/1 ARM 6.38% 30-Year VA 6.06% 15-Year VA 5.62% 5/1 VA 6.07% 30-Year FHA 5.95% 5/1 FHA 5.69% As you can see, the benchmark 30-year fixed-rate mortgage is averaging 6.50% nationally.

article thumbnail

Today’s Mortgage Rates March 20, 2025: Rates Rise Marginally This Week

Marco Santarelli

30-Year Fixed: This remains a popular choice for many homebuyers due to its lower monthly payments , making homeownership more accessible. The Purchase Rate vs. Refinance Rate Dynamic: It's not uncommon for refinance rates to be slightly higher than purchase rates. Important Note: These are illustrative examples.

article thumbnail

Today’s Mortgage Rates March 31, 2025: A Slight Drop Offers Opportunity

Marco Santarelli

This rate environment makes careful shopping and understanding your loan options even more critical. Fixed-rate mortgages (like the 15-year, 20-year, and 30-year options) keep the same interest rate for the entire loan term. This isn't always the case; sometimes refi rates are noticeably higher.