He notes that last week’s rise in mortgage rates took a heavy toll on high-dollar refinancing. "Borrowers with larger loans.
5-Year Fixed-Rate Historic Tables HTML / Excel Weekly PMMS Survey Opinions, estimates, forecasts and other views contained in this document are those of Freddie Mac’s Economic & Housing Research group, do not necessarily represent the views of Freddie Mac or its management, should not be construed as indicating Freddie Mac’s business prospects.
When borrowers ask about 5-year fixed-rate mortgages, they might actually be talking about a 5/1 ARM. This mortgage has a fixed rate for the first five years of the 30-year mortgage. After that initial fixed-rate period is up, the interest rate can adjust once each year for the remaining life of the loan.
The average rate on a 15-year mortgage has climbed to 3.15%, from 3.05% last week. Those shorter-term home loans are popular.
Use annual percentage rate APR, which includes fees and costs, to compare rates across lenders.Rates and APR below may include up to .50 in discount points as an upfront cost to borrowers and assume no cash out. Select product to see detail. Use our compare home mortgage loans Calculator for rates customized to your specific home financing need.
Comparing 3-year fixed mortgage rates with long term fixed rates Before you decide your mortgage rate plan, it is best to compare it with long term options. If you believe premiums for a 5-year fixed rate are high, you might want to stay with a three-year plan.
For example, in Canada the longest term for which a mortgage rate can be fixed is typically no more than ten years, while mortgage maturities are commonly 25 years. A fixed rate mortgage in Singapore has the interest rate fixed for only the first three to five years of the loan, and it then becomes variable.