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See what's happening with home values in more than 400 metropolitan areas with HSH's Home Value Tracker, just updated though the second quarter of 2022.

See what's happening with home values in more than 400 metropolitan areas with HSH's Home Value Tracker, just updated though the second quarter of 2022.

On what day of month are home mortgage payments usually due and when late?

There's no specific answer to your question except "check your mortgage statement."  It's reasonable to expect that a payment is due on or about the first of the month. Many mortgage lenders don't consider a mortgage payment "late" (where a late fee is charged) for up to 15 days past the due date.  Late payments beyond 30-days overdue are usually reported to a credit bureau and can start to damage your credit score, so you'll want to avoid this if you can.  If you are struggling making payments on a one-time or short-term basis, you should be proactive, making contact with your servicer to mitigate any damage to your credit. If you are having persistent trouble, you might consider a loan modification.

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Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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Q: How are mortgage interest rates determined?
AUG 18, 2022
A:

Mortgage rates fluctuate from day to day, depending on a number of factors related to the economy and to choices made by investors. While some mortgage money comes from deposits held by banks and credit unions, most of the funds for borrowers come from investors in capital markets.

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Q: Will today's stock market influence tomorrow's mortgage rates?
AUG 16, 2022
A:

Mortgage rates are influenced by a variety of factors, rather than moving in lockstep with any one economic indicator. The stock market rises and falls for a wide variety of reasons, including global, economic and political issues, but as a broad rule of thumb, a rising stock market indicates optimism among investors about the economy.

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Q: Should I pay private mortgage insurance out of pocket or finance the cost?
AUG 12, 2022
A:

For the most part, this is a discussion about time. You should compare the total costs of the difference in the two interest rates over your given time horizon.

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