Mortgage rates for a 30-year fixed loan have decreased to 6.67%, a significant drop from 6.77% last week. The typical monthly payment for a median-priced $440,000 home with a 20% down payment is about $2,264, which is $24 less than the previous week. Homebuyers are better off today, saving $268 monthly compared to October 2023's 7.79% rate. For a 3.5% down payment, the monthly payment is around $2,731, indicating a $323 improvement from late 2023 rates. Over 30 years, these savings accumulate substantially.
Mortgage rates for a 30-year fixed loan have decreased to 6.67%, marking the largest weekly decline since early March, impacting monthly payments significantly.
A typical monthly payment for a median-priced $440,000 home is approximately $2,264 at the current 6.67% rate, reflecting a $24 decrease from last week.
Compared to the peak mortgage rate of 7.79% in October 2023, homebuyers today can save $268 monthly, resulting in annual savings of $3,216.
For buyers using a 3.5% down payment, the monthly mortgage payment at a 6.67% rate is around $2,731, which improves $323 compared to rates from October 2023.
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