The average 30-year fixed rate conventional mortgage is hovering just above a 3-year low, Mortgage News Daily reports. Borrowers across the nation can expect to lock in at a rate of approximately 3.625% — not too shabby! This rate is close to the all-time lows that the mortgage industry experienced in 2012-2013.
FHA and VA loans may offer even lower rates, and the average 15-year fixed rate mortgage (popular with homeowners refinancing) is 3.00%.
When you’re discussing rates with local lenders, be sure to consider any additional fees and points in addition to the rate. While a lower rate may look enticing, EveryHome recommends carefully checking for additional costs, services, and fees that each lender may require, as they can nullify any savings from a lower rate.
Interested in learning more about obtaining a mortgage, but not sure where to begin? Give us a call at (215) 699-5555, and we would be happy to walk you through every step of the process, including introducing you to helpful, local lenders!