Current US averages stood near ~6.5% for 30-yr fixed loans and high-5% for 15-yr terms, still below 7% for borrowers now nationally.
Rates were higher than the prior day and above Early-Q1, though below recent levels, as inflation and geopolitical tensions kept borrowing elevated.
Shopping multiple lenders mattered more in this market: borrowers who skipped comparisons typically paid ~$78K extra over a loan's life. Seek at least three quotes.
Shorter terms could build equity faster and cut interest, but longer loans offered payment flexibility, including the option to make extra payments when budgets allowed.
Looking ahead, a housing-finance firm expected mortgage rates to stay above 6% this year, while the central bank's higher year-end outlook could add pressure.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
Get Pre-Approved Today
