Mortgage rates changing is a fact on a daily basis and they are swinging up and down in these weeks. Due to the global coronavirus crisis and the expected economic drop, the average rates have for this matter gone up. At least for 30-year and 15-year fixed mortgages.
The change is not that big and oscillates mainly under the 0.2% range, but for average rates of around 4% or lesser, that is quite noticeable.
For example, mortgage rates in New York are around 3.7% for 30-year fixed and around 3.2% for 15-year fixed.
Is hard to predict where the rates will go as for now, but there are small chances they can go down. In terms of numbers, we’re speaking of an average of just below 4% for the 30-year fixed mortgage, and around 3.20% for the 15-year one.
Best rates for March
So, what are the best rates for March? Let’s check out to see how some brands fare at this point.
Looking at citimortgage reviews for one example, has the following current rates for buying a home:
- 30-year fixed – between 3.25% and 3.375%
- 15-year fixed – between 3.0% and 3.625%
For refinancing an existing loan, they offer the following rates:
- 30-year fixed – between 3.375% and 3.75%
- 15-year fixed – between 3.0% and 3.75%
Then again there is Chase bank, which has the following rates for purchasing:
- 30-year fixed – as low as 3.0%, depending on the location,
- 15-year fixed – as low as 2.5%, also depending on the location.
For refinance, they offer the following rates:
- 30-year fixed – as low as 3.375%, depending on the location,
- 15-year fixed – as low as 2.625%, also depending on the location.
Another player on the financial market, Bank of America, has the following mortgage rates:
- 30-year fixed – 3.375%
- 20-year fixed – 3.25%
- 15-year fixed – 2.75%
Wells Fargo is also a big lender when it comes to mortgage loans. It has the following rates for buying:
- 30-year fixed – 3.5%
- 20-year fixed – 3.375%
- 15-year fixed – 2.75%
For customers which want refinancing, the bank offers the following rates:
- 30-year fixed – 4.0%
- 20-year fixed – 3.625%
- 15-year fixed – 3.25%
Quicken Loans, another one of the big league, has the following mortgage rates:
- 30-year fixed – 3.75%
- 15-year fixed – 2.875%
Summary
Mortgage loans happen for decades and hundreds of millions of people have been watching through time how does this market feel in fragile times and how does that impact their homes. Even though the economy is hardly predictable these weeks, we can keep an eye on the evolution of the mortgage rates and how the percentage goes up and down. The best part is that the differences are quite small, and the stability is very important today.