Mortgage Rates Have Dropped This Week. How Much Would It Lower Your Monthly Payment?

Investopedia11-13 05:35

Key Takeaways Mortgage rates for the major new purchase loan types edged 6 to 15 basis points lower over the past week. The 30-year fixed-rate average fell 15 basis points to 6.75%. 15-year loans saw...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2483066091?lang=en_US&edition=fundamental","thumbnail":"https://www.investopedia.com/thmb/sMMbPgSOnOgqLtvaTeYBAYYYHBk=/6720x4480/filters:no_upscale():max_bytes(150000):strip_icc()/EmirMemedovski-a67db91a4ce645ee9956da1b597e122a.jpg","is_english":true,"pubTime":"2024-11-13 05:35","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2483066091","market":"us","top_or_hot":-1,"title":"Mortgage Rates Have Dropped This Week. How Much Would It Lower Your Monthly Payment?","media":"Investopedia","content":"<div>\n<p>Key Takeaways\n\nMortgage rates for the major new purchase loan types edged 6 to 15 basis points lower over the past week.\nThe 30-year fixed-rate average fell 15 basis points to 6.75%.\n15-year loans saw...</p>\n\n<a href=\"https://www.investopedia.com/mortgage-rates-have-dropped-this-week-how-much-would-it-lower-your-monthly-payment-8744008\">Source Link</a>\n\n</div>\n","source":"investopedia_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Mortgage Rates Have Dropped This Week. How Much Would It Lower Your Monthly Payment?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMortgage Rates Have Dropped This Week. How Much Would It Lower Your Monthly Payment?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-13 05:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.investopedia.com/mortgage-rates-have-dropped-this-week-how-much-would-it-lower-your-monthly-payment-8744008><strong>Investopedia</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Key Takeaways\n\nMortgage rates for the major new purchase loan types edged 6 to 15 basis points lower over the past week.\nThe 30-year fixed-rate average fell 15 basis points to 6.75%.\n15-year loans saw...</p>\n\n<a href=\"https://www.investopedia.com/mortgage-rates-have-dropped-this-week-how-much-would-it-lower-your-monthly-payment-8744008\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00BMPRXR70.SGD","symbol_name":"Neuberger Berman 5G Connectivity A Acc SGD-H","start_time":0,"source_url":"https://www.investopedia.com/mortgage-rates-have-dropped-this-week-how-much-would-it-lower-your-monthly-payment-8744008","article_id":"2483066091","we_media_id":null,"thumbnails":["https://www.investopedia.com/thmb/sMMbPgSOnOgqLtvaTeYBAYYYHBk=/6720x4480/filters:no_upscale():max_bytes(150000):strip_icc()/EmirMemedovski-a67db91a4ce645ee9956da1b597e122a.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2483066091","pubTimestamp":1731447357,"sourceInfo":{"source_id":"investopedia_highlight","name":"Investopedia"},"weMediaInfo":null,"summary":"Mortgage rates for the major new purchase loan types edged 6 to 15 basis points lower over the past week.The 30-year fixed-rate average fell 15 basis points to 6.75%.15-year loans saw their average rate drop 10 basis points to 5.91%.Jumbo 30-year rates dipped 6 basis points, to a 6.84% average.On loans of $200,000 to $600,000 with 30-year or 15-year terms, this week's friendlier rates would lower monthly mortgage payments by $11 to $60.For bigger jumbo loans, monthly payments are down $32 to $48 this week.We cover mortgage refinance rates every business day, including the national average refi rate for all major loan types, as well as state-by-state averages for 30-year refi loans.After surging since sinking to a two-year low in September, mortgage rates finally took their foot off the gas this past week. The Friday-to-Friday decline has brought the average rate down on some of the most popular loan types by as much as 22 basis points. Here's a look at how each loan type fared from Fri","collect":0,"end_time":0,"defaultTopTitle":"investopedia.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","BK4079":"房地产服务","BK4585":"ETF&股票定投概念","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","BK6000":"餐馆","BK4588":"碎股","Z":"Zillow","BK4141":"半导体产品","BK6505":"周期性消费品与消费者服务","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4551":"寇图资本持仓","42R.SI":"珍宝餐饮集团","BK4548":"巴美列捷福持仓"},"translate_title":"抵押贷款利率本周有所下降。它会降低你的月供多少？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"Z":0.9,"42R.SI":0.73},"content_text":"Key Takeaways\n\nMortgage rates for the major new purchase loan types edged 6 to 15 basis points lower over the past week.\nThe 30-year fixed-rate average fell 15 basis points to 6.75%.\n15-year loans saw their average rate drop 10 basis points to 5.91%.\nJumbo 30-year rates dipped 6 basis points, to a 6.84% average.\nOn loans of $200,000 to $600,000 with 30-year or 15-year terms, this week's friendlier rates would lower monthly mortgage payments by $11 to $60.\nFor bigger jumbo loans, monthly payments are down $32 to $48 this week.\n\n\nLooking for refi rates? We cover mortgage refinance rates every business day, including the national average refi rate for all major loan types, as well as state-by-state averages for 30-year refi loans.\n The full article continues below these offers from our partners.\n\n\n\n\n\n\n\n  Mortgage Rates Rose for Most Loan Types Last Week  \n After surging since sinking to a two-year low in September, mortgage rates finally took their foot off the gas this past week. The Friday-to-Friday decline has brought the average rate down on some of the most popular loan types by as much as 22 basis points. Here's a look at how each loan type fared from Friday, Nov. 1 to Friday, Nov. 8.\n\n\n Then below, we dig deeper into three of the most common mortgage types: 30-year, 15-year, and jumbo 30-year fixed-rate loans.\n\n\n \n\n\n\n\n\n\n\nMortgage Type\nNov. 1 national average\nNov. 8 national average\nFriday-to-Friday change\n\n\n\n\n30-Year Fixed\n6.90%\n6.75%\n- 0.15\n\n\nVA 30-Year Fixed\n6.33%\n6.13%\n- 0.20\n\n\n20-Year Fixed\n6.86%\n6.64%\n- 0.22\n\n\n15-Year Fixed\n6.01%\n5.91%\n- 0.10\n\n\n10-Year Fixed\n6.01%\n5.99%\n- 0.02\n\n\n7/6 ARM\n7.43%\n7.47%\n+ 0.04\n\n\n5/6 ARM\n7.53%\n7.57%\n+ 0.04\n\n\nJumbo 30-Year Fixed\n6.90%\n6.84%\n- 0.06\n\n\nJumbo 15-Year Fixed\n6.89%\n6.85%\n- 0.04\n\n\nJumbo 7/6 ARM\n7.18%\n7.38%\n+ 0.20\n\n\nJumbo 5/6 ARM\n7.42%\n7.46%\n+ 0.04\n\n\n\n\n  30-Year Mortgage Rates Fell 15 Basis Points  \n Rates on 30-year new purchase mortgages saw a notable drop last week. After averaging 6.90% on Friday, Nov. 1, rates fell quickly during the last two days of the week. They ended Friday with a 6.75% average, for a weekly drop of 15 basis points.\n\n\n In mid-September, the 30-year average plunged to a two-year low of 5.89%, though the lowest Friday average was 6.03%. Since then, however, 30-year rates have shown a Friday-over-Friday climb in five of the last seven weeks.\n\n\n\n\nWhat's the 30-Year Rate in Your State?\nEvery business day, we publish national rate averages for various loan types, and also each state's 30-year rate average. Right now, New York, California, Florida, Texas, and Colorado have the lowest 30-year rates.\n  15-Year Mortgage Rates Gave Up a Tenth of a Point  \n Rates on 15-year new purchase loans also fell this past week. The 15-year new purchase average subtracted 10 basis points from Nov. 1 to this past Friday, sinking back below the 6% threshold with a new 5.91% average. Like 30-year loans, rates on 15-year mortgages hit a two-year low in September, sinking to 4.97% (though the lowest Friday average was 5.07%).\n\n\n\n\n  Jumbo 30-Year Rates Eased Modestly Lower  \n Rates on jumbo 30-year new purchase loans dipped a more modest 6 basis points week-over-week. Dropping from Nov. 1's average of 6.90%, Friday's reading was down to 6.84%. Rates on new 30-year jumbo loans fell to a 19-month low of 6.24% on Sept. 18, with the lowest Friday average registering at 6.40%.\n\n\n\n\nWhat's considered a jumbo loan?\nA jumbo mortgage is one that exceeds the maximum loan limits for Fannie Mae and Freddie Mac conforming loans—currently $766,550 for single-family homes in most parts of the U.S., but up to $1,149,825 in certain more expensive areas.\n  What Today's Monthly Payments Now Look Like  \n To see how this week's higher interest rates translate into monthly payments, you can see below what the principal-plus-interest payment would be for various loan amounts with a 30-year, 15-year, or jumbo 30-year fixed-rate new purchase mortgage, including the change vs. the previous week.\n\n\n On loan amounts of $200,000 to $600,000, principal-and-interest payments for 30-year and 15-year mortgages rose $11 to $60 per month over the past week.\n\n\n \n\n\n\n\n\n\n\n\n\n\nMonthly Mortgage Payments for 30-Year Loans - Today vs. Last Week \n\n\n\nNational average rate\n$200,000\n$300,000\n$400,000\n$500,000\n$600,000\n\n\n\n\nFri, Nov. 1\n6.90%\n$1,317\n$1,976\n$2,634\n$3,293\n$3,952\n\n\nFri, Nov. 8\n6.75%\n$1,297\n$1,946\n$2,594\n$3,243\n$3,892\n\n\nMonthly payment change\n\n-$20\n-$30\n-$40\n-$50\n-$60\n\n\n\nMonthly payment amounts shown include principal and interest only, not insurance or taxes.\n\n \n\n\n\n\n\n\n\n\n\n\nMonthly Mortgage Payments for 15-Year Loans - Today vs. Last Week \n\n\n\nNational average rate\n$200,000\n$300,000\n$400,000\n$500,000\n$600,000\n\n\n\n\nFri, Nov. 1\n6.01%\n$1,689\n$2,533\n$3,378\n$4,222\n$5,066\n\n\nFri, Nov. 8\n5.91%\n$1,678\n$2,517\n$3,356\n$4,195\n$5,034\n\n\nMonthly payment change\n\n-$11\n-$16\n-$22\n-$27\n-$32\n\n\n\nMonthly payment amounts shown include principal and interest only, not insurance or taxes.\n\n Jumbo 30-year mortgages by definition have higher loan amounts, so here we ran our calculations with loan amounts of $800,000 to $1.2 million. The mortgage payment increase this week ranged from $32 to $48 per month depending on the loan size.\n\n\n \n\n\n\n\n\n\n\n\n\n\nMonthly Mortgage Payments for Jumbo 30-Year Loans - Today vs. Last Week \n\n\n\nNational average rate\n$800,000\n$900,000\n$1,000,000\n$1,100,000\n$1,200,000\n\n\n\n\nFri, Nov. 1\n6.90%\n$5,269\n$5,927\n$6,586\n$7,245\n$7,903\n\n\nFri, Nov. 8\n6.84%\n$5,237\n$5,891\n$6,546\n$7,201\n$7,855\n\n\nMonthly payment change\n\n-$32\n-$36\n-$40\n-$44\n-$48\n\n\n\nMonthly payment amounts shown include principal and interest only, not insurance or taxes.\n\n  How We Track Mortgage Rates  \n The national and state averages cited above are provided as is via the Zillow Mortgage API, assuming a loan-to-value (LTV) ratio of 80% (i.e., a down payment of at least 20%) and an applicant credit score in the 680–739 range. The resulting rates represent what borrowers should expect when receiving quotes from lenders based on their qualifications, which may vary from advertised teaser rates. © Zillow, Inc., 2024. Use is subject to the Zillow Terms of Use.\n\n\n\n\n\n\n\n \nRelated Articles\n\n\n\n\n\n\n \n\n\n30-Year Mortgage Rates Fall for a Second Day\n\n\n\n\n\n\n \n\n\nWhy Renting Might Be the Smarter Choice as Mortgage Rates Stay Stubbornly High\n\n\n\n\n\n\n \n\n\nMortgage Rates Are On the Move. Here's What a Monthly Payment Looks Like This Week.\n\n\n\n\n\n\n \n\n\nHome Prices Dropped in Almost 85% of the Biggest Metro Areas. Is Yours One of Them?\n\n\n\n\n\n\n \n\n\n30-Year Refinance Rates Record Largest 1-Day Decline Since September\n\n\n\n\n\n\n \n\n\nMortgage Rates Show Biggest Drop in 3 Months\n\n\n\n\nRelated Terms\nStrategic Default: Meaning, Consequences, Alternatives\nA strategic default is a deliberate decision by a borrower to stop payments on a mortgage debt. It typically occurs when property values drop.\nmore\nCash-Out Refinancing Explained: How It Works and When to Do It\nA cash-out refinance is a mortgage refinancing option that lets you convert home equity into cash. It replaces your existing loan with a larger loan that has different terms.cas\nmore\nDPA Loan: What It Is, How It Works\nA down-payment assistance loan, or DPA loan, can help you get the funding you need to pay for a down payment to buy a house. Learn how DPA loans work.\nmore\nBimonthly Mortgage: What It Means, How It Works, Pros and Cons\nSome lenders allow homeowners to make half the scheduled monthly payment twice a month. This bimonthly mortgage can reduce the interest due over the life of the loan.\nmore\nLoan-Level Price Adjustment (LLPA) Definition\nA loan-level pricing adjustment (LLPA) is a risk-based fee assessed to mortgage borrowers using a conventional mortgage. A LLPA may raise the cost of your mortgage.\nmore\nPrimary Mortgage Market: What It Is, How It Works\nThe primary mortgage market is the market where borrowers can obtain a mortgage loan from a primary lender, such as a bank, credit union, or community bank.\nmore\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n About Us\nTerms of Service\nDictionary\nEditorial Policy\nAdvertise\nNews\nPrivacy Policy\nContact Us\nCareers\n\n#\nA\nB\nC\nD\nE\nF\nG\nH\nI\nJ\nK\nL\nM\nN\nO\nP\nQ\nR\nS\nT\nU\nV\nW\nX\nY\nZ\n \n\n\n\n\n\nInvestopedia\nis part of the Dotdash Meredith publishing family.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483066091"}