Are you navigating the intricate world of construction financing? Understanding the average construction loan interest rate is crucial for making informed decisions. In this comprehensive guide, we'll shed light on this critical element, empowering you to secure the most favorable terms for your project.
The average construction loan interest rate varies considerably based on factors such as loan term, project type, and your financial profile. According to the National Association of Home Builders, the average interest rate for a 12-month construction loan in January 2023 was 6.10%.
Loan Term | Interest Rate (January 2023) |
---|---|
12 months | 6.10% |
18 months | 6.35% |
24 months | 6.60% |
Project Type | Interest Rate (January 2023) |
---|---|
Single-family home | 6.05% |
Multi-family home | 6.25% |
Commercial property | 6.40% |
2024-08-01 02:38:21 UTC
2024-08-08 02:55:35 UTC
2024-08-07 02:55:36 UTC
2024-08-25 14:01:07 UTC
2024-08-25 14:01:51 UTC
2024-08-15 08:10:25 UTC
2024-08-12 08:10:05 UTC
2024-08-13 08:10:18 UTC
2024-08-01 02:37:48 UTC
2024-08-05 03:39:51 UTC
2024-08-01 12:09:19 UTC
2024-08-01 12:09:39 UTC
2024-08-04 09:52:44 UTC
2024-08-04 09:53:00 UTC
2024-08-06 19:45:25 UTC
2024-08-06 19:45:45 UTC
2024-08-06 19:46:08 UTC
2024-08-13 12:36:49 UTC
2024-10-18 01:33:03 UTC
2024-10-18 01:33:03 UTC
2024-10-18 01:33:00 UTC
2024-10-18 01:33:00 UTC
2024-10-18 01:33:00 UTC
2024-10-18 01:33:00 UTC
2024-10-18 01:33:00 UTC
2024-10-18 01:32:54 UTC