Is 4.75 interest rate good or bad?
Is 4.75% a good interest rate for a mortgage? Currently, yes—4.75% is a good interest rate for a mortgage. While mortgage rates fluctuate so often—which can affect the definition of a good interest rate for a mortgage—4.75% is lower than the current average for both a 15-year fixed loan and a 30-year mortgage.
The 4.5% annual interest rate translates into a monthly interest rate of 0.375% (4.5% divided by 12). So, you'll pay 0.375% interest each month on your outstanding loan balance.
A good personal loan interest rate depends on your credit score: 740 and above: Below 8% (look for loans for excellent credit) 670 to 739: Around 14% (look for loans for good credit) 580 to 669: Around 18% (look for loans for fair credit)
A high-interest loan is one with an annual percentage rate above 36% that can be tough to repay. You may have cheaper options. Annie Millerbernd is a NerdWallet authority on personal loans.
In today's market, a good mortgage interest rate can fall in the high-6% range, depending on several factors, such as the type of mortgage, loan term, and individual financial circ*mstances. To understand what a favorable mortgage rate looks like for you, get quotes from a few different lenders and compare them.
Generally, what's considered a bad interest rate is anything higher than 10%. Ideally, you want to get an interest rate that's below 5% — but with little or bad credit, that can be harder to achieve.
The average ranges from 3% to 4.5% for new cars—partly because new car buyers tend to have better-than-average credit.
Say you start with $50, and deposit $50 a month for five years. According to the calculator, you will put away $3,050. With an APY of 4.50%, your money would earn you an extra $369.87, for a total savings of $3,420.87. Of course, interest rates can change at any time, so you may not always earn a 4.50% APY.
| Credit score | Average loan interest rate |
|---|---|
| 720–850 | 10.73%-12.50% |
| 690–719 | 13.50%-15.50% |
| 630–689 | 17.80%-19.90% |
| 300–629 | 28.50%-32.00% |
The issuer may decline your request, but it never hurts to ask. If you've established a history of on-time payments and other responsible behavior with the issuer, you may be able to leverage this history to your benefit.
Why is my APR so high with good credit?
Key takeaways. Your credit card APR can go up if the prime rate changes, you paid your credit card bill late, your intro APR offer ended or your credit score dropped. If your APR increases, you can work on paying down your balance or transfer your balance to a card with a low or 0 percent intro APR offer.
| Product | Interest rate | APR |
|---|---|---|
| 30-year fixed-rate | 6.621% | 6.699% |
| 20-year fixed-rate | 6.334% | 6.435% |
| 15-year fixed-rate | 5.692% | 5.822% |
| 10-year fixed-rate | 5.514% | 5.690% |
What is a good interest rate for a 72-month car loan? An interest rate under 5% is a great rate for a 72-month auto loan.
Yes, it is. Good is subjective though. In a market where rates are 3% on average, 3.75% is a little high. In a market where rates are 5% on average, it's a phenomenal rate.
Inflation and Fed hikes have pushed mortgage rates up to a 20-year high. 30-year mortgage rates are currently expected to fall to somewhere between 6.1% and 6.4% in 2024. Instead of waiting for rates to drop, homebuyers should consider buying now and refinancing later to avoid increased competition next year.
The average 30-year fixed rate reached an all-time record low of 2.65% in January 2021 before surging to 7.79% in October 2023, according to Freddie Mac.
On a 36-month loan, 5.9% APR with above-average credit is a bad rate. If you see a rate this high with captive financing, it could be because it's for a longer-term loan.
But there is a tipping point, recent reports found: Homeowners are nearly twice as willing to sell their home if their mortgage rate is 5% or higher, according to Zillow, and 71% of prospective homebuyers who plan to purchase their next home with a mortgage said they would not accept a rate above 5.5% — that is the “ ...
A high-yield savings account that pays 5% interest is highly competitive. Not only does it significantly outpace the average savings account interest rate, but it's on the high end of the scale even for high-yield savings products.
Car Loan APRs by Credit Score
Excellent (750 - 850): 2.96 percent for new, 3.68 percent for used. Good (700 - 749): 4.03 percent for new, 5.53 percent for used. Fair (650 - 699): 6.75 percent for new, 10.33 percent for used. Poor (450 - 649): 12.84 percent for new, 20.43 percent for used.
Is 4.6 interest rate good for a car?
The national average for US auto loan interest rates with a credit score of 720-850 is 2.99%. Credit scores between 690-719 receive an average APR of 4.6% for new car loans. Those with excellent credit can expect to receive an average APR of 3.6% for a new car.
| Credit Score Range | New Car Loan Rates | Used Car Loan Rates |
|---|---|---|
| 781 to 850 | 5.64% | 7.66% |
| 661 to 780 | 7.01% | 9.73% |
| 601 to 660 | 9.60% | 14.12% |
| 501 to 600 | 12.28% | 18.89% |
The recommended amount of cash to keep in savings for emergencies is three to six months' worth of living expenses. If you have funds you won't need within the next five years, you may want to consider moving it out of savings and investing it.
Excellent high-yield savings account yields are indeed available, with 4.5% or more offered by some top banks. There's no guarantee that these yields will last, but it can be a great way to boost the yield on your emergency fund or rainy-day cash.
The higher the APY on your account, the more money you can earn. Almost all savings accounts, and even some checking accounts, have APYs. For example, a 4.00% APY means your money earns 4% interest per year. If you deposited $100 in an account that compounds annually, you would have $104 at the end of a year.
