Quick Answer: Is 5 A High Mortgage Rate?

Is 5 percent interest rate high for a house?

Mortgage rates on 30-year home loan hit 5 percent, a nearly 8-year high.

The average rate on the 30-year fixed-rate home loan – the most popular mortgages for purchases – increased to 5.05 percent last week, up from 4.96 the previous week and 4.16 percent a year earlier, according to the Mortgage Bankers Association.10 Oct 2018

Can you buy a house with 5 percent down?

When times are good, banks will accept less than 20 percent down on a house. Many lenders will have no problem giving you a mortgage with a down payment of as little as 5 percent — or just 3.5 percent for a FHA loan (if you qualify) and some other government-insured programs.16 Apr 2019

What is the average 5 year fixed mortgage rate today?

Our mortgage rates vs. the bank

MonthAverage LR.ca 5-year fixed rateAverage bank 5-year fixed rate
Feb 20183.01%5.14%
Mar 20183.07%5.14%
Apr 20183.08%5.14%
May 20183.18%5.34%

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Is 5.3 A good mortgage rate?

The good news is that it’ll plateau somewhat after that, rising just about a quarter percent to 5.3% in 2020. To put it in perspective, a 5% fixed mortgage rate is pretty attractive historically, even if it’s a percentage or so higher than today’s mortgage rate.28 Jun 2018