Housing Help of San Diego™
  • 🌟 Give Now 🌟
Housing Help of San Diego™
  • Mission
    • My account
    • About Us
    • Kelsey Yakou, Chief Financial Officer
    • Patricia Kammerzell, Chief Executive Officer
    • Contact
  • Rare Find
  • Safe Zone
    • SD Resources
  • Retain Home
  • Shop
  • Donors ❤️
  • Give Now
better interest rate, interest rate fall, interest rate reduction, low interest rate

Rates dip below 6% for the first time since September

December 4, 2022
By Patricia Kammerzell
0 Comment
61 Views

30-year fixed mortgage rates

The current average 30-year fixed mortgage rate is 6.49%, according to Freddie Mac. This is a nearly 10 point decrease from the previous week.

The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you'll pay back what you borrowed over 30 years, and your interest rate won't change for the life of the loan.

The lengthy 30-year term allows you to spread out your payments over a long period of time, meaning you can keep your monthly payments lower and more manageable. The trade-off is that you'll have a higher rate than you would with shorter terms or adjustable rates.

15-year fixed mortgage rates

The average 15-year fixed mortgage rate is 5.76%, a decrease from the prior week, according to Freddie Mac data.

If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you'll have a higher monthly payment than you would with a longer term.

Are mortgage rates going up?

Mortgage rates started ticking up from historic lows in the second half of 2021 and have increased significantly so far in 2022. But mortgage rates dropped recently, and they may not trend back up again this year.

In the last 12 months, the Consumer Price Index rose by 7.7%. The Federal Reserve has been working to get inflation under control, and is expected to increase the federal funds rate once more this year, following increases at its previous six meetings.

Inflation remains elevated, but has started to slow, which is a good sign for mortgage rates and the broader economy.

Find original article here.

Tags: better interest inflation low interest rate lower interest rate

Previous Story
It has been this bad before. How home buyers got it done in 1981
Next Story
Home Sales Slumped 35% in November, the Biggest Decline on Record

Leave your comment Cancel Reply

(will not be shared)

Recent Posts

  • Home Sales Slumped 35% in November, the Biggest Decline on Record Sunday, 25, Dec
  • Rates dip below 6% for the first time since September Sunday, 4, Dec
  • It has been this bad before. How home buyers got it done in 1981 Sunday, 4, Dec
  • California’s housing market is cooling off faster than any other US state Sunday, 4, Dec

Recent Comments

    Archives

    • December 2022

    Categories

    • better interest rate
    • Buying a new house
    • Buying house
    • California housing
    • california housing market
    • Cool off
    • credit
    • downward
    • Fannie Mae
    • financial crisis
    • foreclosure
    • Freddie Mac
    • home prices crash
    • home sales down
    • homebuyers
    • house sales decrease
    • housing market
    • HUD grant
    • HUD Help
    • interest rate fall
    • interest rate reduction
    • low interest rate
    • mortgage payments
    • New House
    • Real estate
    • Realtor

    Meta

    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org

    Tags

    1981 housing crisis banks better interest California housing market cool off declining home sales depreciating market downward turn Fannie Mae Foreclosure Freddie Mac homebuyer homeowner home sales down housing market inflation lower interest rate low interest rate new home new home purchase real estate realtor

    100% of our store’s proceeds are used to support and fund our charitable programs.

    Terms of Use
    Privacy Policy
    Contact Us
    Housing Help of San Diego © 2014-2022 All Rights Reserved
    MENU
    • My account
    • Mission
      • About Us
      • Kelsey Yakou, Chief Financial Officer
      • Patricia Kammerzell, Chief Executive Officer
      • Contact
    • Rare Find
    • Safe Zone
    • Retain Home
    • Shop
    • San Diego Resources
    • ⭐ Our Donors ⭐
    • Give Now
    SearchPostsLoginCart
    Sunday, 25, Dec
    Home Sales Slumped 35% in November, the Biggest Decline on Record
    Sunday, 4, Dec
    Rates dip below 6% for the first time since September
    Sunday, 4, Dec
    It has been this bad before. How home buyers got it done in 1981
    Sunday, 4, Dec
    California’s housing market is cooling off faster than any other US state
    Sunday, 4, Dec
    A controversial fix for America’s housing market
    Sunday, 4, Dec
    Should you use a buyer’s agent?

    Welcome back,