Freddie Mac today released the results of its Primary Mortgage Market Survey® showing fixed mortgage rates reversing course from the previous week and going back down just as the spring homebuying season begins.
30-year fixed-rate mortgage this week were 3.54 percent, down significantly from last week when it averaged 3.63 percent. Last year at this time, the 30-year FRM averaged 4.08 percent. The 15-year FRM this week averaged 2.72 percent with an average 0.7 point, down from last week when it averaged 2.79 percent. A year ago at this time, the 15-year FRM averaged 3.30 percent.
For a 30-year fixed rate, every $100,000 borrowed at 3.54 percent means that the monthly principle and interest payment would be about $354.00/mo.
For every Million dollars borrowed that would be $3,540/mo.
After the tax deductions that would cut about 20 to 30 percent off of that making the final net payment approximately $250/mo. net for $100,000 borrowed, and about $2,500/mo. net for every million dollars borrowed.
You’ll have to add in the down payment, taxes and insurance on top of this mortgage.
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Happy house hunting!!!