Mortgage rates have seen an increase as of November 18, 2024, with the average rate for a 30-year fixed mortgage now at 7.29%, up from 7.16% last week. The 15-year fixed mortgage rate has also risen to 6.42%, while the average rate for a 30-year jumbo mortgage stands at 7.31%. These rates indicate a trend influenced by various economic factors, including recent Federal Reserve rate hikes and inflation rates. For potential borrowers, understanding how these rates affect monthly payments is crucial. For instance, a $100,000 mortgage at the current 30-year rate would result in monthly payments of approximately $685, leading to a total interest payment of about $146,536 over the loan's life. Factors determining how much house one can afford include income, debt, credit score, and down payment. Different mortgage types, such as conventional, FHA, VA, and USDA loans, offer various benefits depending on the borrower's financial situation.
Read the full article here.