Latest news with #Realtors
Yahoo
3 days ago
- Business
- Yahoo
Mortgage and refinance interest rates today, June 1, 2025: The 30-year drops while the 15-year edges higher
Mortgage rates are lower on the long end and slightly higher on the short. According to Zillow, the average 30-year fixed interest rate is down seven basis points to 6.77%, while the 15-year fixed rate gained three basis points to 6.02%. The Mortgage Bankers Association forecasts 30-year rates to stay near 6.7% through September and end the year near 6.6%. If that's the case, then home loan interest rates won't be moving much in the coming months. Only an unexpected shock to the nation's economy could change that outlook. If you're looking to buy in 2025, you'll want to work to earn the lowest mortgage rate you deserve. Dig deeper: 6 steps to choosing the right mortgage lender Have questions about buying, owning, or selling a house? Submit your question to Yahoo's panel of Realtors using this Google form. Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.77% 20-year fixed: 6.51% 15-year fixed: 6.02% 5/1 ARM: 6.74% 7/1 ARM: 6.73% 30-year VA: 6.34% 15-year VA: 6.34% 5/1 VA: 6.34% Remember, these are the national averages and rounded to the nearest hundredth. These are today's mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.89% 20-year fixed: 6.85% 15-year fixed: 6.15% 5/1 ARM: 7.25% 7/1 ARM: 7.40% 30-year VA: 6.41% 15-year VA: 6.41% 5/1 VA: 5.98% Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that's not always the case. Read more: Is now a good time to refinance your mortgage? Use the mortgage calculator below to see how various mortgage terms and interest rates will impact your monthly payments. Our free mortgage calculator also considers factors like property taxes and homeowners insurance when determining your estimated monthly mortgage payment. This gives you a more realistic idea of your total monthly payment than if you just looked at mortgage principal and interest. The average 30-year mortgage rate today is 6.77%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is lower than with a shorter-term loan. The average 15-year mortgage rate is 6.02% today. When deciding between a 15-year and a 30-year mortgage, consider your short-term versus long-term goals. A 15-year mortgage comes with a lower interest rate than a 30-year term. This is great in the long run because you'll pay off your loan 15 years sooner, and that's 15 fewer years for interest to accumulate. But the trade-off is that your monthly payment will be higher as you pay off the same amount in half the time. Let's say you get a $300,000 mortgage. With a 30-year term and a 6.77% rate, your monthly payment toward the principal and interest would be about $1,950, and you'd pay $401,922 in interest over the life of your loan — on top of that original $300,000. If you get that same $300,000 mortgage with a 15-year term and a 6.02% rate, your monthly payment would jump to $2,535. But you'd only pay $156,266 in interest over the years. With a fixed-rate mortgage, your rate is locked in for the entire life of your loan. You will get a new rate if you refinance your mortgage, though. An adjustable-rate mortgage keeps your rate the same for a predetermined period of time. Then, the rate will go up or down depending on several factors, such as the economy and the maximum amount your rate can change according to your contract. For example, with a 7/1 ARM, your rate would be locked in for the first seven years, then change every year for the remaining 23 years of your term. Adjustable rates typically start lower than fixed rates, but once the initial rate-lock period ends, it's possible your rate will go up. Lately, though, some fixed rates have been starting lower than adjustable rates. Talk to your lender about its rates before choosing one or the other. Dig deeper: Fixed-rate vs. adjustable-rate mortgages Mortgage lenders typically give the lowest mortgage rates to people with higher down payments, great or excellent credit scores, and low debt-to-income ratios. So, if you want a lower rate, try saving more, improving your credit score, or paying down some debt before you start shopping for homes. Waiting for rates to drop probably isn't the best method to get the lowest mortgage rate right now. If you're ready to buy, focusing on your personal finances is probably the best way to lower your rate. To find the best mortgage lender for your situation, apply for mortgage preapproval with three or four companies. Just be sure to apply to all of them within a short time frame — doing so will give you the most accurate comparisons and have less of an impact on your credit score. When choosing a lender, don't just compare interest rates. Look at the mortgage annual percentage rate (APR) — this factors in the interest rate, any discount points, and fees. The APR, which is also expressed as a percentage, reflects the true annual cost of borrowing money. This is probably the most important number to look at when comparing mortgage lenders. Learn more: Best mortgage lenders for first-time home buyers According to Zillow, the national average 30-year mortgage rate is 6.77%, and the average 15-year mortgage rate is 6.02%. But these are national averages, so the average in your area could be different. Averages are typically higher in expensive parts of the U.S. and lower in less expensive areas. The average 30-year fixed mortgage rate is 6.77% right now, according to Zillow. However, you might get an even better rate with an excellent credit score, sizable down payment, and low debt-to-income ratio (DTI). Mortgage rates aren't expected to drop drastically in the near future, though they may inch down now and then.
Fast Company
5 days ago
- Business
- Fast Company
This startup wants to give you money to buy a house
Potential buyers in California have seen the daunting challenge of owning a home become even more difficult. Due to higher mortgage rates and increased home values, a recent report from the California Association of Realtors found that buyers needed an income of $218,000 to afford a median home, a figure that's jumped 82% since 2019. A Canadian startup seeks to make those figures a little more favorable, especially for working class and first-time buyers. Zown, which opened for operations in California in the fall, offers buyers what it calls down payment assistance. The model works like this: By using automation and salaried showing agents to help facilitate deals, it can reduce commissions that usually account for 2.5% or more of a home's purchase price to about 1%, offering the difference as a rebate to buyers to use toward a down payment or to cover closing costs. Zown was launched by Canadian entrepreneur Rishard Rameez, who documented his own struggles with housing affordability on a viral Reddit thread. He found the process laborious and expensive and, in 2021, started working on a way to simplify the transaction. He developed a model that uses automation and a team of salaried brokers to cut commission fees and pass those savings along to buyers. He said Zown is able to give back roughly $10,000 to $15,000 per buyer for down payment assistance, an amount that equaled what an average person could save in a year or two.
Yahoo
25-05-2025
- Business
- Yahoo
Mortgage and refinance interest rates today, May 25, 2025: Rates remain volatile in light of mixed economic news
Mortgage rates are mixed today. According to Zillow, the average 30-year fixed interest rate is down three basis points to 6.91%, while the 15-year fixed rate gained seven basis points to 6.10%. Small moves up or down are a sign of a volatile bond market. You will want to have a target home loan interest rate in mind so that you can concentrate on the entire home-buying process. That means balancing your interest rate with lender fees. Finding the right combination will give you the best overall loan package for the long term. Dig deeper: 6 steps to choosing the right mortgage lender Have questions about buying, owning, or selling a house? Submit your question to Yahoo's panel of Realtors using this Google form. Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.91% 20-year fixed: 6.58% 15-year fixed: 6.10% 5/1 ARM: 6.81% 7/1 ARM: 6.61% 30-year VA: 6.48% 15-year VA: 5.91% 5/1 VA: 6.42% Remember, these are the national averages and rounded to the nearest hundredth. These are today's mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.89% 20-year fixed: 6.71% 15-year fixed: 6.08% 5/1 ARM: 7.30% 7/1 ARM: 7.44% 30-year VA: 6.41% 15-year VA: 6.05% 5/1 VA: 6.30% Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that's not always the case. Read more: Is now a good time to refinance your mortgage? Use the mortgage calculator below to see how various mortgage terms and interest rates will impact your monthly payments. Our free mortgage calculator also considers factors like property taxes and homeowners insurance when determining your estimated monthly mortgage payment. This gives you a more realistic idea of your total monthly payment than if you just looked at mortgage principal and interest. The average 30-year mortgage rate today is 6.91%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is lower than with a shorter-term loan. The average 15-year mortgage rate is 6.10% today. When deciding between a 15-year and a 30-year mortgage, consider your short-term versus long-term goals. A 15-year mortgage comes with a lower interest rate than a 30-year term. This is great in the long run because you'll pay off your loan 15 years sooner, and that's 15 fewer years for interest to accumulate. But the trade-off is that your monthly payment will be higher as you pay off the same amount in half the time. Let's say you get a $300,000 mortgage. With a 30-year term and a 6.91% rate, your monthly payment toward the principal and interest would be about $1,978, and you'd pay $412,011 in interest over the life of your loan — on top of that original $300,000. If you get that same $300,000 mortgage with a 15-year term and a 6.10% rate, your monthly payment would jump to $2,548. But you'd only pay $158,605 in interest over the years. With a fixed-rate mortgage, your rate is locked in for the entire life of your loan. You will get a new rate if you refinance your mortgage, though. An adjustable-rate mortgage keeps your rate the same for a predetermined period of time. Then, the rate will go up or down depending on several factors, such as the economy and the maximum amount your rate can change according to your contract. For example, with a 7/1 ARM, your rate would be locked in for the first seven years, then change every year for the remaining 23 years of your term. Adjustable rates typically start lower than fixed rates, but once the initial rate-lock period ends, it's possible your rate will go up. Lately, though, some fixed rates have been starting lower than adjustable rates. Talk to your lender about its rates before choosing one or the other. Dig deeper: Fixed-rate vs. adjustable-rate mortgages Mortgage lenders typically give the lowest mortgage rates to people with higher down payments, great or excellent credit scores, and low debt-to-income ratios. So, if you want a lower rate, try saving more, improving your credit score, or paying down some debt before you start shopping for homes. Waiting for rates to drop probably isn't the best method to get the lowest mortgage rate right now. If you're ready to buy, focusing on your personal finances is probably the best way to lower your rate. To find the best mortgage lender for your situation, apply for mortgage preapproval with three or four companies. Just be sure to apply to all of them within a short time frame — doing so will give you the most accurate comparisons and have less of an impact on your credit score. When choosing a lender, don't just compare interest rates. Look at the mortgage annual percentage rate (APR) — this factors in the interest rate, any discount points, and fees. The APR, which is also expressed as a percentage, reflects the true annual cost of borrowing money. This is probably the most important number to look at when comparing mortgage lenders. Learn more: Best mortgage lenders for first-time home buyers According to Zillow, the national average 30-year mortgage rate is 6.91%, and the average 15-year mortgage rate is 6.10%. But these are national averages, so the average in your area could be different. Averages are typically higher in expensive parts of the U.S. and lower in less expensive areas. The average 30-year fixed mortgage rate is 6.91% right now, according to Zillow. However, you might get an even better rate with an excellent credit score, sizable down payment, and low debt-to-income ratio (DTI). Mortgage rates aren't expected to drop drastically in the near future, though they may inch down now and then.
CTV News
21-05-2025
- Business
- CTV News
Barrie has a strong retail market this year
Barrie's house sales are up 20% over this time last year according to the Barrie and District Association of Realtors.
Yahoo
18-05-2025
- Business
- Yahoo
Mortgage and refinance interest rates today, May 18, 2025: Lower rates are encouraging for home buyers
Mortgage rates have decreased today. According to Zillow, the average 30-year fixed interest rate is down eight basis points to 6.77%, and the 15-year fixed rate has declined by 10 basis points to 6.03%. Falling rates are encouraging — and there are other ways to secure a lower mortgage rate too. Apply for preapproval with three or four mortgage lenders to compare their interest rates and fees to make sure you're getting the best deal. You can also pay for discount points at closing to lock in a lower long-term mortgage rate. Discuss your options with the mortgage lenders you're considering. Dig deeper: 6 steps to choosing the right mortgage lender Have questions about buying, owning, or selling a house? Submit your question to Yahoo's panel of Realtors using this Google form. Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.77% 20-year fixed: 6.25% 15-year fixed: 6.03% 5/1 ARM: 7.08% 7/1 ARM: 7.40% 30-year VA: 6.31% 15-year VA: 5.64% 5/1 VA: 6.29% Remember, these are the national averages and rounded to the nearest hundredth. These are today's mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.97% 20-year fixed: 6.64% 15-year fixed: 6.25% 5/1 ARM: 7.56% 7/1 ARM: 7.51% 30-year VA: 6.47% 15-year VA: 6.17% 5/1 VA: 6.37% Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that's not always the case. Read more: Is now a good time to refinance your mortgage? Use the mortgage calculator below to see how various mortgage terms and interest rates will impact your monthly payments. Our free mortgage calculator also considers factors like property taxes and homeowners insurance when determining your estimated monthly mortgage payment. This gives you a more realistic idea of your total monthly payment than if you just looked at mortgage principal and interest. The average 30-year mortgage rate today is 6.77%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is lower than with a shorter-term loan. The average 15-year mortgage rate is 6.03% today. When deciding between a 15-year and a 30-year mortgage, consider your short-term versus long-term goals. A 15-year mortgage comes with a lower interest rate than a 30-year term. This is great in the long run because you'll pay off your loan 15 years sooner, and that's 15 fewer years for interest to accumulate. But the trade-off is that your monthly payment will be higher as you pay off the same amount in half the time. Let's say you get a $300,000 mortgage. With a 30-year term and a 6.77% rate, your monthly payment toward the principal and interest would be about $1,950, and you'd pay $401,922 in interest over the life of your loan — on top of that original $300,000. If you get that same $300,000 mortgage with a 15-year term and a 6.03% rate, your monthly payment would jump to $2,536. But you'd only pay $156,558 in interest over the years. With a fixed-rate mortgage, your rate is locked in for the entire life of your loan. You will get a new rate if you refinance your mortgage, though. An adjustable-rate mortgage keeps your rate the same for a predetermined period of time. Then, the rate will go up or down depending on several factors, such as the economy and the maximum amount your rate can change according to your contract. For example, with a 7/1 ARM, your rate would be locked in for the first seven years, then change every year for the remaining 23 years of your term. Adjustable rates typically start lower than fixed rates, but once the initial rate-lock period ends, it's possible your rate will go up. Lately, though, some fixed rates have been starting lower than adjustable rates. Talk to your lender about its rates before choosing one or the other. Dig deeper: Fixed-rate vs. adjustable-rate mortgages Mortgage lenders typically give the lowest mortgage rates to people with higher down payments, great or excellent credit scores, and low debt-to-income ratios. So, if you want a lower rate, try saving more, improving your credit score, or paying down some debt before you start shopping for homes. Waiting for rates to drop probably isn't the best method to get the lowest mortgage rate right now. If you're ready to buy, focusing on your personal finances is probably the best way to lower your rate. To find the best mortgage lender for your situation, apply for mortgage preapproval with three or four companies. Just be sure to apply to all of them within a short time frame — doing so will give you the most accurate comparisons and have less of an impact on your credit score. When choosing a lender, don't just compare interest rates. Look at the mortgage annual percentage rate (APR) — this factors in the interest rate, any discount points, and fees. The APR, which is also expressed as a percentage, reflects the true annual cost of borrowing money. This is probably the most important number to look at when comparing mortgage lenders. Learn more: Best mortgage lenders for first-time home buyers According to Zillow, the national average 30-year mortgage rate is 6.77%, and the average 15-year mortgage rate is 6.03%. But these are national averages, so the average in your area could be different. Averages are typically higher in expensive parts of the U.S. and lower in less expensive areas. The average 30-year fixed mortgage rate is 6.77% right now, according to Zillow. However, you might get an even better rate with an excellent credit score, sizable down payment, and low debt-to-income ratio (DTI). Mortgage rates aren't expected to drop drastically in the near future, though they may inch down here and there.
