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, not a toy!
It's important to know this because if you're buying a house one day, you will need to understand these concepts.
This news is about changes in mortgage rates, which affect how much you pay each month for your house.
- Mortgage rates are the interest you pay on a home loan.
- Rates have gone down slightly this year.
- A 30-year loan is longer than a 15-year loan.
- Shorter loans have higher monthly payments but less interest overall.
| Loan Type | Rate |
|---|---|
| 30-year fixed | 6.31% |
| 15-year fixed | 5.63% |
