About how much is the average mortgage rate right about now?

doing some digging online and im having a hard time coming up with anything useful.





im going to be a first time homebuyer by the end of the year (hopefully) and just want to sort of get an idea of about what i can afford. and since a big part of that is figuring in the interest of the mortgage.... well you see where im going with it!





any help is appreciated!!!About how much is the average mortgage rate right about now?
Did some checking today in my area. 4.5 % for a 15 yr. fixed rate loanAbout how much is the average mortgage rate right about now?
You also need to clarify what it is for:





Single Family Residence?


-Owner occupied or rented?


Condo?


-Owner occupied or rented?


Mobile Home?


-Owner occupied or rented?


Commercial?


Raw Land?








Then you also need to ask ';Conventional lender or private lender?';





Then you need to ask: ';what kind of down payment is made?';





Then you need to ask: ';what is the credit score of the payer?';





For Example:





SCENARIO 1: A 720A credit borrower with 50,000 down on a 100,000 SFR Owner Occupied property...





offers a much less risky investment than...





a 500D credit borrower with $0 down on a 100,000 on Land that is rented.





Who would you rather lend money to? And how much interest would you require to offset the risk? (Or would you even lend to the second one at all?)





And the difference between conventional money and private money is the ability to negotiate (For that low low interest rate)











But since you're a first time home buyer you are narrowing it down to SFRs, Mobile homes and condos so that helps.





If I were you I would either go with a First time home buyers loan. Those can get as low as 3 or 4 percent.





I also HIGHLY HIGHLY HIGHLY recommend buying a property with seller financing, some people are negligent enough to sell their property with NO interest rate.





And if you're having trouble with a down payment you might consider doing a ';lease option'; which is a lease with an option to buy and you can arrange to have all of your monthly rent payments be credited towards the property as a down payment towards seller financing.


(This in my opinion is the easiest way to get into a home)


In order to do this you may need to look for a long time and go through a lot of ';no's'; before you get that final ';yes';





If you need a mortgage calculator to find out what your payment is go to cash 4 promissory notes . com





If you need an unbiased opinion, extra advice, or just some coaching into the whole process, you can go to that website above, my contact info is on there.





Best of luck to you in making a great investment in your future and living the American dream!