Freddie Mac says that the 30 year average mortgage rate for the week remained steady at 6.58%. The high for the year was at 7.04% reached in early January. The current rate is at the low for the year.
In 2024, the the lowest mortgage rate reached 6.09% the range since September 2022 has been between 6.09% and 7.79%. With most of the time capped at 7.22%.
Below is the impact on a standard 30-year fixed (P&I only) for the average priced $422,000 home if rates fell by 50 basis points:
If you finance the full $422,000:
6.53% → $2,675.66/mo
6.03% → $2,538.25/mo
Change: –$137.41/mo (–5.1%), ~$1,649/yr.
With 20% down (loan = $337,600):
6.53% → $2,140.53/mo
6.03% → $2,030.60/mo
Change: –$109.93/mo (–5.1%), ~$1,319/yr.
Rule of thumb: A 0.50% rate drop around these levels cuts the payment by about $32.6 per month per $100,000 of loan.
This article was written by Greg Michalowski at investinglive.com.Hence then, the article about freddie mac 30 year average mortgage rate 6 58 unchanged from the prior week was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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