Tag

Mortgage Points

All articles tagged with #mortgage points

finance2 years ago

"Maximizing Savings: Securing the Lowest Mortgage Rates Today"

Mortgage rates have been dropping, with the average interest rate for a 30-year fixed-rate mortgage at 6.60%, the lowest since May 2023. Homebuyers can take advantage of this by considering adjustable-rate mortgages, purchasing mortgage points to secure a lower interest rate, and shopping around for lenders to find the best rates and terms. These options can help buyers secure the lowest rate possible in the current market, which is still volatile despite the decreasing rates.

personal-finance2 years ago

"Lowering Monthly Mortgage Costs: Is the Points Strategy Right for You?"

Homebuyers are turning to purchasing mortgage points as a way to defray higher monthly payments amid high interest rates. Mortgage points let buyers pay an upfront fee to lower the interest rate on their loans. Almost 45% of conventional primary home borrowers bought mortgage points in 2022 to reduce their monthly mortgage payments, a trend that has continued into this year. However, home buyers should also weigh other factors before buying mortgage points, such as their timeline for living in the home and other alternatives like increasing the size of their down payment.