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Mortgage rates for the week ending Aug. 27, 2022: the best deals from lenders
by
Irene Scott
October 4, 2023
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The average rate of mortgage deals clicked by Finwower readers on Thursday was 4.64 percent, 20 basis points higher than the previous week. Mortgage rates are higher than they were a year ago, so it is still important to shop around if you want to find a good deal on a new mortgage or refinance.
The "clicked" rate of Finwower reflects purchase mortgages and refinancings with all terms, including 30- and 15-year mortgages.
The best deals come with certain stipulations. For example, the best combination of rates and fees generally requires a credit score of 740 or higher and a down payment of 20% or more. Most of the lower rates posted on Finwower.com also include discount points, a way to reduce the rate by paying more at closing.
Mortgage rates are constantly changing and have recently stabilized after a sharp rise in early 2022. These ups and downs reflect the volatility of the mortgage market as the economy continues to struggle with rampant inflation.
While it may still make sense to refinance one's mortgage, the calculus has changed: most refinancing is now done by homeowners taking out equity, usually a line of credit, to pay for renovations or repairs.
Things to remember
Make sure you get at least three offers: you can save thousands of dollars by comparing offers.
Compare mortgage rates in your area now.
Average rate charged for purchase mortgages.
The average rate charged by Finwower readers for 30-year purchase mortgages was 5.11% Thursday.
Average rate clicked for refinance mortgages
The average rate charged by Finwower readers for 30-year refinance mortgages was 5.07% Thursday.
You can use Finwower's mortgage payment calculator to estimate your monthly payments and see the effect of extra payments. This tool can also help you determine the amount of interest you will pay over the life of your mortgage.
Compare refinance rates in your area now.
