Definition: The average mortgage price refers to the total cost for a single home mortgage loan. The term "average" indicates that the price should be considered in aggregate terms, not as an individual element. Average mortgage prices are typically calculated by averaging the interest rates of multiple mortgages over a specified period of time. In the United States, the typical average interest rate on a 30-year fixed-rate home mortgage is around 4.6% per annum. This can vary based on factors such as credit scores, loan-to-value ratios (LTVs), and other market conditions. Average mortgage prices are often used to compare the cost of various types of mortgages, including jumbo loans or FHA-insured loans with higher LTVs. Average mortgage prices can also be affected by factors such as local economic conditions, interest rates, and inflation. It's important to note that while average mortgage prices can provide a sense of understanding of how much loan costs vary across the country, they do not necessarily reflect the true cost of borrowing for individuals or for a particular community or region.
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