The average rate of mortgage deals Bankrate readers clicked on on Thursday was 3.34%, a figure that shows consumers can still find deals even as mortgage rates have risen from all-time lows. If you want to get a mortgage or refinance, shopping around is more important than ever.
Bankrate’s click rate reflects purchase mortgages and refinances with all terms, including 30 and 15 year loans.
The most interesting offers come with a few fine print. For example, to get the best combination of rates and costs, you’ll typically need a credit score of 740 or higher and a down payment of 20% or higher. And many of the lowest rates posted on Bankrate.com include discount points, a way to lower the rate by paying more at closing.
Mortgage rates are constantly changing and have risen sharply from all-time lows of last year. These highs and lows reflect volatility in the mortgage market as the economy continues to recover from the sudden shock of the COVID-19 recession, as inflation rages and Russia’s invasion of Ukraine adds to the geopolitical uncertainty.
Rates have returned to pre-pandemic levels. While it may still make sense to refinance your mortgage, the math has changed. Most refits are now done by homeowners who withdraw equity to pay for renovations or repairs.
Take away key
Make sure you get at least three offers – you can save thousands of dollars comparing your purchases.
Compare mortgage rates in your area now.
Average click-through rate for purchase loans
The average rate clicked by Bankrate readers for 30-year purchase mortgages was 3.7%. At this average rate, you’ll pay $460.28 a month in principal and interest for every $100,000 you borrow.
Average click through rate for refinance loans
The typical rate Bankrate readers clicked on for 30-year refinances stood at 3.48% on Thursday.
You can use Bankrate’s mortgage payment calculator to find your monthly payments and see the effects of extra payments. The tool will also help you determine how much interest you will pay over the life of the loan.
Compare refinance rates in your area now.