Mortgage rates settle ever lower in final May survey
Mortgage rates are closing out the month at new lows for the year, according to Interest.com's new survey of major lenders.
The average cost of all four major types of home loans we track are a quarter- to half-point cheaper than they were in January.
Our May 25 survey found the average cost for a:
30-year, fixed-rate loan fell to 4.75% from 4.77% the previous week. Interest rates remain lower than they were this time last year, when a 30-year loan averaged 4.92%.
15-year, fixed-rate loan fell to 3.93% from 3.95% the previous week. A year ago, it was 4.34%.
30-year, fixed-rate jumbo loan (for mortgages exceeding $417,000 to $729,750, depending on the city) fell to 5.21% from 5.22% the previous week. A year ago, it was 5.75%.
Five-year, adjustable-rate loan fell to 3.45% from 3.48% the previous week. A year ago, it was 4.26%.
Our database of mortgage rates can help you find the best deals in your area, including many that are less costly than the national averages.
You can use our calculator to determine the monthly payments for the exact amount you want to borrow with this or any home loan.
It will also provide a month-by-month amortization schedule that shows how much you've reduced your debt and how much you still owe if you want to pay off your loan.