What is Mortgage What is the literal meaning of mortgage, first of all let's look at understanding this thing.
Mortgage is a loan to the lender and the bank which is used to buy a house.
Under this, you have to deposit your monthly installments for 20 to 30 years, this period can be less than 30 years.
The 30-year term mortgage rate has increased from about 3% in the year 2021 to 5.81% in June 2022.
Mortgage interest rates were generally seen to be volatile after June 2022, with mortgage interest rates fluctuating significantly
The cost of borrowing was higher this year as compared to last year. The sharp rise in the monkey rates also stopped because there is a lot of bearishness in the market.
So in this it is said that buyers should not expect that the rates will be less than 3%.
Swipe Up To Read More Stories
Perhaps in 2022, it is seen that rates are going to remain above 5%, due to this economic slowdown may also be there.