NEW YORK (RateWatch) – After bottoming out in mid-November, mortgage rates are now decidedly on the rise. An average fixed-rate 30-year mortgage is currently charged an annual percentage rate of 4.832% according to RateWatch, and many believe that the era of low mortgage rates is finally coming to an end.
Still, there will always be some rates that rise a little faster than others, and if you don’t do your homework and shop around you could wind up with a mortgage rate well above the national average. Unfortunately, many homebuyers don’t take the time to comparison shop. A new study finds that 40% of borrowers simply take the first home loan quote they receive. It’s not unreasonable to wonder how much money these people could have saved by getting a second quote.
We decided to see how much deviation there is in home mortgage rates, and thereby determine the worst-case scenario for a borrower who takes the first quote they get. While most of the highest rates were within 1% of the national average, keep in mind that a little difference can go a long way when you’re talking about a home mortgage, which accrues interest for decades on significant sums of money.
For instance, if you’re purchasing a $300,000 house with a $60,000 down payment on a 30-year loan, a rise of just 1% in your APR can mean paying an additional $21,732 over the life of the loan.
Here, then, are the 10 highest APRs on 30-year fixed-rate mortgages in the U.S., according to RateWatch as of Monday evening.