Mortgage Interest Rates: Important Things you Didn't Know San Diego Real Estate

Mortgage Interest Rates: Important Things you Didn't Know San Diego Real Estate. Mortgage Renewal information

Mortgage Interest Rates: Important Things you Didn't Know San Diego Real Estate video duration 7 Minute(s) 21 Second(s), published by The Real Estate Jedi on 09 01 2018 - 18:09:10.

There is more to mortgage interest rates than simply a lower or higher mortgage payment
Look at these comparisons to learn this valuable information
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There is more to mortgage interest rates than simply a lower or higher mortgage payment. Look at these comparisons to learn this valuable information. It could save you thousands!

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At the time this was made, the average 30-year fixed mortgage rate was 4.1%. 15-year fixed mortgage rates were at 3.49%. These are averages and vary depending on different loan products, such as the VA Loan or FHA Loan.

What’s a good mortgage rate?
While what qualifies as a good mortgage rate is up for interpretation, we’d consider it to be one that is at least similar to the average rate for that particular mortgage type. Preferably of course, a good mortgage rate would be lower than the average rate. VA Loan mortgage interest rates tend to be on the lower end and conventional mortgage rates often run higher.

What’s the APR on a mortgage?
The annual percentage rate on a mortgage, AKA “APR” reflects the interest rate, along with other costs such as discount points, broker fees, and certain closing costs. The APR on a mortgage is expressed as a percentage.

Do mortgage rates change often?
Mortgage rates don't stay the same for long— in fact they can change multiple times a day. Staying current with rates could net you a lower monthly payment and save you many thousands of dollars. In the big picture, current mortgage rates are incredibly lower than mortgage interest rates over the past several decades. Even if mortgage rates were to go up to 5% in this year, it would still be a relatively desirable mortgage rate compared with interest rates in the not so distant past.

Especially when you're buying real estate in a market like the San Diego Real Estate Market, a small change in your mortgage interest rate can make all the difference! So whether you are buying a home or investment property with a VA Loan, an FHA Loan or a Conventional Loan program, be sure you understand the implications of your mortgage interest rate!