Average Mortgage Interest Rates Are Just That, Average Mortgage Interest Rates


Average Mortgage Interest Rates Are Just That, Average Mortgage Interest Rates
By Scott Rogers • August 20, 2024
The average (30 year fixed) mortgage interest rate peaked at 7.8% last October. Now, the average rate is right around 6.5%. But... take that with a grain of salt... or however the expression goes... Home buyers that lock in their mortgage interest rate over the next week are likely to see rates anywhere from 6% to 7%, depending on... their credit score the size of their downpayment their loan program whether you pay points to lower your rate So, yes, if you buy a home this week, you might have a rate of 6.5%... or it could be a decent bit lower... or higher. That average rate is just an average of the rates offered by lenders for 30-year fixed rate, conventional financing with an 80% loan-to-value ratio. So, don't ask your lender for that average rate... ask what rates are possible for you based on your credit, downpayment, loan program and points. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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