Mortgage rates have decreased slightly this week to 6.84%, which positively affects homebuyers' monthly mortgage payments. For a typical $440,000 home, a 20% down payment results in an approximate monthly payment of $2,304. This represents a small reduction from last week's payment of $2,307. When compared to the peak rate of 7.79% in October, buyers are currently saving $228 per month. These savings are even more significant for those making a smaller 3.5% down payment, offering substantial long-term savings over the life of the loan.
If you buy a $440,000 house at today's 6.84% rate with a 20% down payment, you'll pay a total of $829,499 over the life of a 30-year loan.
Monthly mortgage payment today with a 3.5% down payment is roughly $2,779 per month, marking an improvement over previous rates.
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