Any interest rate below 5% is a favorable rate currently. This interest rate is a competitive rate.
A good interest rate for 15 years mortgages is between 2.0 and 3.0 percent. Getting the lowest interest rate depends on your credit history.
The mortgage rates at Woolwich can vary depending on the type of loan you get. For example, for a 2 year fixed remortgage, the interest rate is 3.5%. For a 2 year fixed Barclay's loyalty mortgage, it is 3.6% APR. A 5 year capped rate mortgage has an interest rate of 3.3% APR.
The national average for a 30 year fixed mortgage rate is 4.89%. This rate can either increase or decrease depending on the loan ammount. As of March 6, 2010, the national average mortgage interest rate for a 30 year fixed rate loan is 5.31%. The national average mortgage interest rate for a 15 year fixed rate loan is 4.68%.
An interest rate is the rate a home buyer repays the holder of the mortgage for the moneys they borrow to purchase the house. The mortage rate is expressed as a percentage rate over a year's time.
If it's truly a fixed-rate mortgage contract, then no, the rate won't change if the mortgage is sold to another lender. Check your contract for any gotcha clauses, though.
It depends on the interest rate and the length of the mortgage. For a 30 year mortgage at 4.5% the payment would be $172.27. If you can afford it, a 15 year mortgage at 4.5% would be $260.10 but would save you about $16,000 in interest.
Currently the lowest interest rate offered on a 30-year fixed rate mortgage is 3.75 percent. Interest rates are historically low at the moment due to the economic downturn.
A fixed rate mortgage is a loan to buy a house and/or property in which the interest rate charged is 'fixed' or does not change. For instance, if you take out a 30-year fixed rate mortgage, you will have the same interest rate for the first payment as you will for the last payment, 30 years later.
A conforming 30 year fixed rate mortgage is a loan where the interest rate is fixed and will not change throughout the term of the mortgage. The mortgage must also conform to the Fannie Mae and Freddie Mac guidelines.
As of Tuesday, October 25, the rate for a 15 year fixed mortgage in the Chicago area was 3.618%. For a 30 year fixed mortgage, the rate was 4.321%, and for a 40 year fixed mortgage, the rate was 4.506%.
The advantages of a 30 year mortgage interest rate are that you have a fixed repayment amount each month over the life of the loan making it easier to budget. With wages gradually increasing each year "during good economic times" the proportion of your wages going towards repayments gradually decreases.
ARM stands for Adjustable Rate Mortgage. A 5 year ARM would mean that the mortgage would have an adjustable interest rate for the duration of the term of the loan.