As we move deeper into the spring season, the Butte County residential market is showing a fascinating mix of resilience and transition. Whether you are looking at the bustling streets of Chico, the
Interest Rates Come Down
Dated: December 20 2022
Views: 629
For a 30-year, fixed-rate mortgage, the average rate you'll pay right now is 6.47%. This is a decline of 16 basis points compared to one week ago. (A basis point is equivalent to 0.01%.) The most common loan term is a 30-year fixed mortgage. A 30-year fixed mortgage will usually have a greater interest rate than a 15-year fixed rate mortgage -- but also a lower monthly payment. Although you'll pay more interest over time -- you're paying off your loan over a longer timeframe -- if you're looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.
The average rate for a 15-year, fixed mortgage is 5.82%, which is a decrease of 19 basis points from the same time last week. Compared to a 30-year fixed mortgage, a 15-year fixed mortgage with the same loan value and interest rate will have a larger monthly payment. However, if you can afford the monthly payments, there are several benefits to a 15-year loan. These include usually being able to get a lower interest rate, paying off your mortgage sooner, and paying less total interest in the long run.
As we are seeing prices drop accross Chico and Butte county it may be a good time to purchase before the spring market of 2023.
Jacob Darr
Meet Jacob Darr, a seasoned real estate professional and Broker with NextHome North Valley Realty. With over 10 years of experience in the industry, Jacob is committed to providing his clients with un....
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