Buying a house is a stressful endeavor. With different interests rates, and so many places to apply, the process can leave you feeling a little overwhelmed. Well, in the United States, our property real estate interest rates tend to stay around 4.0%, depending on the bank.
Rates tend to remain around a fixed rate since the 1980’s where the housing market interest rate topped in at near 18% for a 30 year mortgage. Think about that for a moment. That means that a three hundred thousand dollar home would end up costing over a million dollars, with a million of that price being just interest. That is crazy! Banks carry different interest rates, with the best offers being at 4.0% currently for a 30 year mortgage. This low 4.0% interest rate is offered by Trump Mortgage and AimLoan.com. The highest rates come from the Cornerstone Mortgage Group, sliding in at almost 5%. Between the two places offering interest rates, that one percent rate difference could offer you some extra money in your pocket.
As the amount of years needed for the loan goes down, so does the rate, but not by much. For a 20 year loan, interest rates remain just beneath 4.0%. The lowest rate slides in with AimLoan.com at 3.689%. The highest rate again slides in from Cornerstone Mortgage Group at 4.7% for a 20 year loan. AimLoan.com, again, slides in with the lowest rate at 3.180% for a 15 year loan rate. No matter if you are looking for a 15 year loan or a 30, the lower the interest rate the better. It’s also a good idea to keep an eye on whether the loan is a fixed, or adjustable rate, but as far as interest rates go, the lower the better.