The current interest rate on American mortgages is quite good. You go buy house now
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%.
Adjustable rate mortgages are the less-stable version of a home mortgage. As opposed to a fixed-rate home mortgage, an adjustable rate home mortgage is not confined to the single interest rate that is adhered to by a fixed interest mortgage. For example, a fixed interest mortgage charges the same amount of interest regardless of how the prime interest rate for housing fluctuates. In contrast, an adjustable rate mortgage can fluctuate with market conditions, ultimately costing the borrower more.
ARM usually refers to an adjustable rate mortgage. The interest rate can go up during the life of the loan.ARM usually refers to an adjustable rate mortgage. The interest rate can go up during the life of the loan.ARM usually refers to an adjustable rate mortgage. The interest rate can go up during the life of the loan.ARM usually refers to an adjustable rate mortgage. The interest rate can go up during the life of the loan.
For the average person, a fixed mortgage is better because you can budget for the same mortgage payment for the term or length of the mortgage. The only change would be if your insurance or taxes would go up. With variable interest rate, your mortgage could increase every year due to the increased interest rate.
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