Hey kids! Did you know that the cost of borrowing money to buy a house has changed a little? It's like the price of a candy bar going up a tiny bit. These changes affect how much people pay each month for their homes.
- Mortgage rates are the interest people pay when they borrow money for a house.
- These rates have gone up just a tiny bit recently.
- A 30-year mortgage means you pay for your house over 30 years; a 15-year mortgage is faster but has higher monthly payments.
| Mortgage Type | Rate |
|---|---|
| 30-year fixed | 6.56% |
| 15-year fixed | 5.92% |
Experts think rates might go down a little by the end of 2025, but it's not certain. Remember, this is just about house loans, not anything to do with things like Bitcoin or video games!
