Mortgage interest rates In Alabama
In Georgia, most lenders in our data are offering rates at or below 6.875%
Today’s mortgage interest rates are highlighted by the average rate for a 30-year fixed mortgage going from 7.03% to 6.98% week over week.30-year fixed: 6.98%15-year-fixed: 6.16%30-year fixed jumbo: 6.96%
| Type of Mortgage | Current Rate | Rate Last Reported |
|---|---|---|
| 30-year conforming | 6.439% | 6.452% |
| 30-year jumbo | 6.794% | 6.928% |
| 30-year FHA | 6.307% | 6.331% |
| 30-year VA | 5.848% | 5.964% |
| 30-year USDA | 6.316% | 6.486% |
| 15-year conforming | 5.578% | 5.743% |
30-Year Mortgage Rates 30-Year Conforming Mortgage According to the latest data available as of this writing, the average interest rate is 6.439%. This is down from 6.452% on the last reported date. 30-Year Jumbo Mortgage What exactly is a “jumbo mortgage” or “jumbo loan”? Simply put, it is above the maximum amount for a standard (conforming) mortgage. Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency set this limit. According to the latest data available at the time of writing, the average interest rate for a jumbo mortgage is 6.794%. This is down from 6.928% the previous day. 30-year FHA The Federal Housing Administration provides mortgage insurance to certain lenders, and in return the lender may offer consumers more favorable deals, such as the ability to qualify for a mortgage, a potentially lower down payment, or a lower interest rate. According to the latest data available at the time of writing, the average interest rate for an FHA mortgage is 6.307%. This is down from 6.331% the previous day. 30-Year VA Veteran home loans are offered by private lenders, but the Department of Veterans Affairs guarantees a portion of them (reducing the lender’s risk). You can access them if you are a U.S. military member, veteran, or eligible surviving spouse. With such a loan, you may be able to purchase a home with no down payment. According to the latest data available as of this writing, the average interest rate for a VA home loan is 5.848%. This is down from 5.964% on the last reported date. USDA for 30 Years The United States Department of Agriculture operates a program to help low-income applicants purchase homes. Such loans help U.S. citizens and eligible non-citizens purchase homes with no down payment. Please note that there are strict requirements to qualify for a USDA home loan, including: B. Income limits and the location of the home in an eligible rural area. According to the latest data available as of this writing, the average USDA home loan interest rate is 6.316%. This is down from 6.486% on the last reported date. 15-year mortgage rates: A 15-year mortgage typically means higher monthly payments but lower interest over the life of the loan. According to the latest data available at the time of writing, the average interest rate for a 15-year mortgage is 5.578%. This is down from 5.743% the day before.
Mortgage rates trended in different directions this week. The biggest mover is the 30-year jumbo rate, which decreased by 12 basis points week over week. (One basis point equals 0.01.)