Cribline News Flash – Mortgage Rates Stay Under 4 Percent 12 Weeks in a Row
30-year fixed-rate mortgage (FRM) averaged 3.82 percent for the week ending September 17, 2015, up from last week when it averaged 3.76 percent. A year ago at this time, the 30-year FRM averaged 3.97 percent.
15-year FRM this week averaged 3.03 percent, up from last week when it averaged 2.99 percent. A year ago at this time, the 15-year FRM averaged 3.18 percent.
For a 30-year fixed rate, every $100,000 borrowed at 3.82 percent means that the monthly principle and interest payment would be about $383/mo.
For every Million dollars borrowed that would be $3,820/mo. Tax deductions for interest would shave about 20 to 30 percent off of that amount making the final net payment approximately $270/mo. net for $100,000 borrowed, and about $2,700/mo net for every million dollars borrowed. This does not include property taxes, insurance or any other fees.
Happy house hunting!