What are the current mortgage rates?
Not Financial Advice:
According to BankRate.com the average for a 30-year fixed rate mortgage is currently 3.65% (that's up 3 basis points from last week when it was 3.62%).
A 15-year fixed rate mortgage is currently 2.96% (down 2 basis points from last week's 2.98%).
A 5/1 ARM is also 2.96%, which is down 5 basis points from last week when it was 3.01%.
A fixed mortgage is a loan in which the interest rate remains constant across the life of the loan.
Today, someone taking out a $300,000 mortgage for 30 years at 3.65% would have monthly payments of $1,372, will pay $194,056 in interest, for a total repayment of $494,056.