Hey kids! Did you know that the cost of borrowing money to buy a house (mortgage rates) has changed a little? It's like getting a loan from a bank, but for a house. It's important for grown-ups who want to buy homes.
- Mortgage rates are the interest you pay on a home loan.
- The 30-year loan has a rate around 6.5%, while a 15-year loan is about 5.83%.
- A lower rate means you pay less interest over time, but your monthly payments are higher.
| Loan Type | Rate |
|---|---|
| 30-year fixed | 6.50% |
| 15-year fixed | 5.83% |
Experts don't think rates will drop much next year. Buying a home is a big decision – it depends on what works best for your family!
