L-T rate mort rate help
Dear Terry the climate has changed…what do you expect for Mortgages help om the basis of (used to be LIBOR) with the fed and interest changes. My husband passed and need some anticipation of the new LIBOR?.
Terry Says
There is no more LIBOR. Are you talking about an adjustable rate mortgage you ALREADY have? In that case, it has probably converted to the SOFR index — of Treasury rates. Ask your lender about how frequently your interest rate changes.
But if you need to take out a new fixed rate mortgage, it will be based on the 10-year Treasury note rate, which changes every week, and is currently about 4.1%. The average current 30 year fixed rate on mortgages with a 20% down payment and good credit is 6.4%, while a 15 year fixed rate mortgage goes for about 5.75%.
To see current mortgage rates, go to Bankrate.com.
