Want to buy a house? Use this mortgage calculator to determine your monthly payment from Bank of America. Bank of America USA Home Loan Mortgage Rates.
Thinking of buying a home? Now might be a good time to do it.
According to Bankrate’s analysis, the current average 30-year fixed rate mortgage as of August 11, 2022 was 5.46%. While that rate is lower than July’s average rate of 5.73%, it is well above the average rate of 2.87% as of August 12, 2021, according to analysis by Freddie Mac.
High mortgage rates reduce the purchasing power of home buyers. This means that a potential home buyer may have to consider getting a less expensive home on the same budget that they would be able to afford with a lower mortgage rate.
According to the National Association of Realtors, it’s more expensive to buy a home now than it was a year ago, with a median price of $416,000.
And as of August 12, 2022, Freddie Mac predicts that home prices will continue to rise slowly through the rest of the summer. The good news is that the housing market is stabilizing, according to the company, which makes it a good time to buy.
If you’re thinking about buying a home, use the mortgage calculator below to figure out what your monthly payment might be. Just enter the mortgage loan amount, year length and interest rate.
It’s important to note that this calculator can only give you an estimate of what your loan payments will be and does not include additional costs such as insurance, private mortgage insurance (PMI) and property taxes.