Current Mortgage Rates for 2015 – 2016
In the current real estate market it can be difficult getting a straight answer when it comes to loan rates. This is usually because of the amount of customization that can go into your loan policy. This article was researched to give you the bare bones, no customization rates straight forward and then suggest ways to lower your payment that you may or may not be qualified for. By now you should be well acquainted with the fact that most mortgages come in year terms; thirty year, twenty year, fifteen year, and even down to ten a year and as such these variations between time periods show the widest spectrum available, for instance:
Current Fixed Rate Mortgage Rates:
- (30) Thirty Year Fixed Rate Mortgages currently have a rate of 4.125% with an APR of 4.197%
- (20) Twenty Year Fixed Rate Mortgages currently have a rate of 3.750% with an APR of 3.848%
- (15) Fifteen Year Fixed Rate Mortgages currently have a rate of 3.375% with an APR of 3.500%
- (10) Ten Year Fixed Rate Mortgages currently have a rate of 3.375% with an APR of 3.555%
Current Adjustable Rate Mortgage Rates:
- (10) Ten Year Adjustable Rate Mortgages currently have a rate of 3.750% with an APR of 3.579%
- (5) Five Year Adjustable Rate Mortgages currently have a rate of 3.125% with an APR of 3.274%
- (3) Three Year Adjustable Rate Mortgages currently have a rate of 3.250% and an APR of 3.319%
All of the above information is of course time sensitive and was relevant as of December 10, 2015 and based on information from several sites. It should be noted once again that these figures are purely bare bones and rates can change for any reason.
These rates are set up in such a way that they assume a decent credit score (normally a FICO credit score of 700 or more) and that you are purchasing a single family unit home as a primary residence. It should also be noted that mortgage points are not factored into any of these numbers as their purchase is either a personal choice or a set amount chosen by lenders.