The nation’s average mortgage rate inched higher the week of August 1st. Currently, the benchmark 30-year fixed rate home loan stands at 3.85%, which includes points. Points are fees that are paid directly to the lender on settlement day in exchange for a lower rate. It’s important to note that your rate may be slightly higher if you choose to not purchase points.
The 15-year fixed rate loan, a popular choice among refinancing homeowners, also trended slightly higher to 3.02%. And jumbo loans, which apply to buyers borrowing more than $417,000, climbed 3 basis points to 4.10%.
If you’re interested in purchasing a home and would like to meet with a helpful, knowledgeable and local lender, be sure to give us a call at (215) 699-5555!