In response to surging demand in the US and jitters over what may be coming for Iran/Israel, we saw bond rates continuing to increase and therefore some lenders increased their fixed rates. It result in a couple late nights doing pre-approval/rate hold requests in advance of the increasingly active spring market. Preferred options remain stable - with one lender below on insured, 3 and 5 yr terms.
For properties priced below $1 million, with less than 20% down payment, example rates would be:
- 1 yr fixed 6.64% or $6.78 per $1k in mortgage
- 3 yr fixed 5.14% or $5.90 per $1k in mortgage
- 5 yr fixed 4.99% or $5.81 per $1k in mortgage
For clarity, a $500,000 at 5.09% on a 25 yr amortization would have payments of 500 x 5.87 = $2,935 monthly.
Note also that rates can change daily, certainly differ between lenders and definitely differ based on down payment, mortgage features and hidden costs.
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