Mortgage interest rates as January 11, 2023!
Mortgage interest rates today reflect the steadiness of the market throughout the holidays. Mortgage interest rates have stayed in a narrow range for the last three to four weeks, with today’s looking at about 6.125%, 30 year fixed and no points for 20% down payment on a conforming loan amount (up to $726,200) and 5.99% for the same scenario but 30% down payment. 30 year fixed mortgage rates seem to be the way to go right now, as shorter term fixed rates with 30 year amortizations, ( 5 year, 7 year and 10 year that roll over to adjustable rates) are slightly higher and have more points attached. This isn’t always the case, but as long as mortgage interest rates remain this way, it is an added bonus to get 30 years of the same interest rate and take out the risk of shorter term mortgage instruments. My advice, if you are capable, is to home shop now, before you run into a purchase market that will place you up against multiple other buyers who bid up the home price. If rates go down after you purchase, you can refinance. If rates go up, you can be satisfied that you were smart enough to hit the interest rates at their low point. Either way is a win! To obtain current mortgage interest rates and get pre-qualified to buy that special home, call Michael Mitchell 530-406-2200 or 707-337-5970 cell.
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