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Cribline News Flash - Mortgage Rates Move Lower (3.79) - The Cribline

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Cribline News Flash – Mortgage Rates Move Lower (3.79)

Cribline News Flash – Mortgage Rates Move Lower (3.79)

Freddie Mac today released the results of its Primary Mortgage Market Survey® which showed that the average fixed mortgage rates followed Treasury yields lower/

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.

How-to-find-the-best-mortgage-rates

The Breakdown:

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!

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