Mortgage rates for the week ending Aug. 27, 2022: the best deals from lenders
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Mortgage rates for the week ending Aug. 27, 2022: the best deals from lenders

January 10, 2023
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Mortgage rates for the week ending Aug. 27, 2022: the best deals from lenders

The average rate of mortgage deals that Empire Finance Pro readers clicked on Thursday was 4.64 percent, 20 basis points higher than the previous week. Mortgage rates are higher than they were a year ago, so it is still important to shop around if you want to find a good deal on a new mortgage or refinance.

Empire Finance Pro's "clicked" rate reflects purchase mortgages and refinancings with all terms, including 30- and 15-year mortgages.

The best deals come with some small print. For example, to get the best combination of rates and fees, you typically need a credit score of 740 or higher and a down payment of 20 percent or more. Many of the lowest rates posted on Empire Finance Pro .com also include discount points, a way to lower the rate by paying more at closing.

Mortgage rates are constantly changing and have recently stabilized after a sharp rise in early 2022. These ups and downs reflect the volatility of the mortgage market as the economy continues to struggle with rampant inflation.

While it may still make sense to refinance your mortgage, the calculus has changed: most refinancing is now done by homeowners who are taking equity, usually a line of credit, to pay for renovations or repairs.

Things to remember

Make sure you get at least three offers-you can save thousands of dollars by comparing offers.

Compare mortgage rates in your area now.

Average rate clicked for purchase mortgages

The average rate clicked by Empire Finance Pro readers for 30-year purchase mortgages was 5.11 percent Thursday.

Average rate clicked for refinance loans

The average rate clicked by Empire Finance Pro readers for 30-year refinance loans was 5.07 percent Thursday.

You can use Empire Finance Pro's mortgage payment calculator to estimate your monthly payments and see the effect of additional payments. The tool can also help you determine the amount of interest you will pay over the life of the loan.

Compare refinance rates in your area now.

Destiny Richardson
Written by
Destiny Richardson
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Destiny Richardson is a seasoned professional with 10+ years of global experience in the field of Investment Banking, Mergers and Acquisitions, and CFO. My area of expertise is Finance, Financial modelling, Fundraising, Investment Thesis, Mergers & Acquisitions, Market Research & Strategy work for startups as well as mid size companies. Destiny Richardson is a qualified Chartered Accountant (equivalent to CPA) and a graduate in commerce also hold Masters degree - MBA from leading universities in Asia / Europe. Due to my nature of work and love for travelling, I have been to more than 20+ countries.