The nation’s average 30-year fixed rate loan crawled higher this past month, and currently stands at 4.04%. This figure includes an average of 0.28 points. Points are an upfront fee paid at settlement in exchange for a lower interest rate.
The 15-year fixed rate loan, a popular option for refinancing, has also jumped higher in October and is approximately 3.17%. While these benchmark mortgage rates have ticked higher, they remain historically low – and well below the rates that experts predicted earlier in the year. To learn more about qualifying for a mortgage, be sure to give us a call at (215) 699-5555. We would love to introduce you to a knowledgeable, helpful, local lender.