Mortgage Rates for Monday May 8, 2023 in a Minute
Design by Diana Walton- Houston First Time Home Buyer Specialist
Good morning, for today, Monday, May 8, 2023, the national average mortgage rate for a 30-year fixed loan is 6.83%, the 30-year fixed VA loan is 6.30% and the 30- fixed FHA loan is 6.84%.
Meanwhile, the national average adjustable mortgage loan rates for:
5.1 ARM is 5.79% APR 7.45%
7/1 ARM is 6.44% APR 7.35%
10/1 ARM is 6.65% APR 7.24%
Don't forget to shop around for your mortgage loan before committing to one. In addition, the rates you see, may not be the rate you get. Please also remember, there are several factors that goes into determining your rate. These factors include but not limited to:
Credit score
Loan type
Term
Property location
Down payment
Loan amount and rate type
Also, please remember, interest rate represent the cost of borrowing the principle. It does not include any fees or additional cost. While the Annual Percentage Rate (APR) represent not only the cost of borrowing the principle, but it also includes other fees as well. For this reason, interest rates are usually advertise at a lower rate, while the APR, is typically higher.
As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please contact us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana
