In General, the Mortgage rates averaged 3.45%, but last week recent data shows they had dropped even more compared to the previous records.

According to the daily rate survey from NerdWallet, fixed-rate mortgage was 3.37% on Friday, which is approximately the lowest of 30 years rate. Which is kicked off in the mid of 2016.

This dip can we more helpful to the new home buyer who is an average buyer. For the payment of $200,000, a mortgage was around $926 in the month of January. where now the buyer will get a $209,600 Home for the equivalent payment.

According to data from one of the financial data firm Black Knight, there are 11.1 million high-credit homeowners are there who could save at 0.75% off their mortgage rates due to this drop in mortgage interest rate. On average, we can say each will save approximately $270 per month.

15 & 30-year mortgage rates

According to themortgagereports current mortgage rates are as shown below:

Mortgage rate march 2nd

What’s a Mortgage Rate?

A mortgage rate is the rate of interest that is charged by a mortgage lender. Mortgage rates can be either fixed or variable (the rate will adjust at some point during the term of the loan). Mortgage interest rates are determined by the lender and can vary depending on the buyer’s financial or terms state — your credit score, loan term, and downpayment can all affect your mortgage rate.