Mortgage interest rates have trended slightly down over the last 30 days. The recent change will save new borrowers about $5 per month for every $100,000 borrowed. Average U.S. interest rates for 30-year fixed rate mortgages were at 7.50% as of this week. Last month at this time, they were sitting at 7.57%. Recent forecasts for changes in interest rates remain mixed.
When you compare monthly payments at today’s rates versus the long-term average (7.74%), homeowners are currently saving about $16 per month per $100,000 borrowed. However, mortgages are more expensive now than they were last year at this time. The average increase in monthly payments per $100,000 borrowed with a 30-year fixed price mortgage is around $68 per month over the last year. If you max out a conventional mortgage, that means your monthly payment will be around $492 more per month now than it would have been in November of 2022.