Average Mortgage Interest Rates Are Just That, Average Mortgage Interest Rates
Scott P. Rogers
The average (30 year fixed) mortgage interest rate peaked at 7.8% last October.
Now, the average rate is right around 6.5%.
But... take that with a grain of salt... or however the expression goes...
Home buyers that lock in their mortgage interest rate over the next week are likely to see rates anywhere from 6% to 7%, depending on...
- their credit score
- the size of their downpayment
- their loan program
- whether you pay points to lower your rate
So, yes, if you buy a home this week, you might have a rate of 6.5%... or it could be a decent bit lower... or higher.
That average rate is just an average of the rates offered by lenders for 30-year fixed rate, conventional financing with an 80% loan-to-value ratio.
So, don't ask your lender for that average rate... ask what rates are possible for you based on your credit, downpayment, loan program and points.
