Cribline News Flash – Mortgage Rates Move Lower (3.79)
30-year fixed-rate mortgage (FRM) averaged 3.79 percent for the week ending October 22, 2015, down from last week when it averaged 3.82 percent. A year ago at this time, the 30-year FRM averaged 3.92 percent.
15-year FRM this week averaged 2.98 percent, down from last week when it averaged 3.03 percent. A year ago at this time, the 15-year FRM averaged 3.08 percent.
For a 30-year fixed rate, every $100,000 borrowed at 379 percent means that the monthly principle and interest payment would be about $379/mo.
For every Million dollars borrowed that would be $3,790/mo. Tax deductions for interest would shave about 20 to 30 percent off of that amount making the final net payment approximately $265/mo. net for $100,000 borrowed, and about $2,650/mo net for every million dollars borrowed. This does not include property taxes, insurance or any other fees.
Happy house hunting!