Mortgage rate offers for the week ending February 5, 2022: best offers from lenders

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Mortgage offers marketed on Bankrate.com rose slightly last week. The average mortgage rate Bankrate readers clicked on on Thursday fell to 3.11% from 3.13% the previous Thursday. While everyone expects rates to rise in the coming year, mortgage rates remain historically low, making it a good time to get a mortgage or refinance.

Bankrate’s click rate reflects purchase mortgages and refinances with all terms, including 30 and 15 year loans. Rates sometimes include discount points.

The most interesting offers come with a few fine print. For example, to get the best combination of rates and costs, you’ll typically need a credit score of 740 or higher and a down payment of 20% or higher. And many of the lowest rates posted on Bankrate.com include discount points, a way to lower the rate by paying more at closing.

Mortgage rates are constantly changing and have risen from all-time lows set earlier this year. These highs and lows reflect the unpredictability of the mortgage market as the economy continues to recover from the COVID-19 recession.

Even after their recent moves, rates remain well below where they were before the coronavirus pandemic sent rates to record highs. This means it may still be a good idea to refinance your mortgage.

Take away key

Make sure you get at least three offers – you can save thousands of dollars comparing your purchases.

Compare mortgage rates in your area now.

Average click-through rate for purchase loans

The average rate clicked by Bankrate readers for 30-year purchase mortgages fell to 3.43% from 3.47% seven days earlier. At this average rate, you’ll pay $445.15 a month in principal and interest for every $100,000 you borrow.

Average click through rate for refinance loans

The typical rate Bankrate readers clicked on for 30-year refinances fell to 3.17% from 3.19% the previous Thursday.

You can use Bankrate’s mortgage payment calculator to find your monthly payments and see the effects of extra payments. The tool will also help you determine how much interest you will pay over the life of the loan.

Compare refinance rates in your area now.

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