Freddie Mac today released the results of itsPrimary Mortgage Market Survey(R) showing that fixed mortgage rates went up again for the third consecutive week. The rates still remain low compared with last year.
- 30-year fixed-rate mortgage (FRM) were 3.59 percent for the week ending May 23, 2013, up from last week when it was 3.51 percent. Last year at this time, the 30-year FRM was 3.78 percent.
- 15-year FRM this week was 2.77 percent, up from last week when it was 2.69 percent. A year ago at this time, the 15-year FRM was 3.04 percent.
For a 30-year fixed rate, every $100,000 borrowed at 3.59 percent means that the monthly principle and interest payment would be about $359.00/mo.
For every Million dollars borrowed that would be $3,590/mo.
Tax deductions for interest would shave about 20 to 30 percent off of that amount making the final net payment approximately $240/mo. net for $100,000 borrowed, and about $2,400/mo. net for every million dollars borrowed.
You’ll have to add in the down payment, taxes and insurance on top of this mortgage.
Happy house hunting!