Mortgage Rate as of October 19, 2022
Mortgage Interest Rate: 30-year fixed 6.750% (APR 6.799%), 15-year fixed 6.125% (APR 6.201%) – The Fed’s giant step rate hike is expected to continue due to the hawkish September Federal Open Market Committee (FOMC) minutes released last week and the higher-than-expected September Consumer Price Index (CPI). Mortgage rates have risen slightly this week despite news of the UK’s tax cuts being lifted. Mortgage rates are expected to fluctuate depending on what Fed officials state during the week.
Loan Term: APR (Annual Percentage Rate) APR is the annual cost of a loan to a borrower, including fees. Like an interest rate, the APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees such as mortgage insurance, most closing costs, discount points and loan origination fees.
Loan common tip: New revised Conforming Loan Limit:
- Single Family $700,000
- Two Family $895,000
- Three Family $1,080,000
- Four Family $1,345,000
Source: Time Mortgage, Englewood Cliffs, NJ