Mortgage offers marketed on Bankrate.com have grown exponentially in the past week. The average mortgage rate clicked by Bankrate readers on Thursday rose to 2.84% from 2.67% the previous Thursday. While everyone expects rates to rise next year, mortgage rates remain historically low, which makes it a good time to get a mortgage or refinance.
Bankrate’s “click” rate reflects purchase mortgage loans and refinancing on all terms, including 30-year and 15-year loans. Prices sometimes include discount points.
The sweetest deals come with some finer details. For example, to get the best combination of price and costs, you’ll generally need a credit score of 740 or higher and a down payment of 20 percent or more. And many of the lowest rates posted on Bankrate.com include discount points, a way to buy at a lower price by paying more at close.
Mortgage rates are constantly changing, and have risen from all-time lows earlier this year. These swings and spikes reflect the unpredictability of the mortgage market as the economy continues to recover from the COVID-19 recession.
Even after their latest moves, rates remain much lower than they were before the coronavirus pandemic drove prices to record lows. This means that it still makes sense to refinance your mortgage.
Make sure you get at least three deals – you can save thousands of dollars with comparison shopping.
Compare mortgage rates in your area now.
Average click rate on purchase credits
The average rate Bankrate readers clicked on for 30-year purchase mortgage loans rose to 3.15 percent from 2.99 percent seven days ago. At this average rate, you’ll pay $429.74 per month in principal and interest for every $100,000 you borrow.
Average Click Rate on Refinance Loans
The usual rate clicked by Bankrate readers for a 30-year refinancing rose to 2.93% from 2.78% the previous Thursday.
You can use Bankrate’s Mortgage Payment Calculator to find your monthly payments and see the effects of making additional payments. The tool will also help you decide how much interest you will pay for the life of the loan.
Compare refinancing rates in your area now.