Monthly payments fall on $550,000 mortgage
CBS News reports that after recent market moves tied to the Federal Reserve’s late‑September 2025 rate action, average U.S. mortgage rates have eased and a $550,000 loan now carries materially lower monthly payments. Using current national averages, the story calculates a 30‑year fixed‑rate payment and a 15‑year payment, compares them with January 2025 rates, and notes refinancing math and caveats (taxes, insurance, PMI).
Economy
Personal Finance
📌 Key Facts
- Average 30‑year fixed mortgage rate: 6.34%; principal-and-interest on $550,000 = $3,418.70/month.
- January 2025 30‑year average was 6.93%; that loan would have been $3,633.34/month (a $214.64 monthly decrease).
- Average 15‑year rate: 5.64%; 15‑year payment on $550,000 = $4,534.92/month (about $148/month less than January’s 6.14% rate).
- Average 30‑year refinance rate cited at 6.64%, implying a refinance payment of $3,527.17/month (roughly $106/month savings vs. higher prior rate).