Just make sure to do your research before leveraging your home equity or home mortgage to make other investments. As of Wednesday, September 6, 2023, current interest rates in Ohio are 7.48 for a 30-year fixed mortgage and 6.78 for a 15-year fixed mortgage.
#Ne moves mortgage loan rates how to#
But if you know how to use them properly, they can be powerful wealth-building tools. From first-time home loans to home refinancing, we can help with whatever your home loan needs may be. Mortgage rates continue to rise: the average 30-year fixed-mortgage rate is 7.52, the average 15-year fixed. Bay Equity is a full-service home mortgage lender. Home mortgages can be huge burdens, as they are typically attached to the biggest investment of your life. Compare todays mortgage and refinance rates, August 31st, 2023 - Rates remain elevated. If you have a 7% mortgage rate, paying it down gives you a guaranteed 7% return. The reason is that paying off a high-interest mortgage gives you a guaranteed rate of return at your mortgage interest rate.įor example: If you have a 3% mortgage, it might be better to invest your extra money instead, as the stock market typically returns 6% to 9% over the long term. Processor retrieves necessary documents to perfect the lien, repulls credit if necessary, and updates. While paying down low-interest debt is typically done after you invest, if your mortgage rate is 6% (or higher), it might be advantageous to pay it down faster.
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