In the past week, the mortgage rate landscape witnessed a slight uptick, fueled by unexpected inflationary pressures highlighted in economic indicators; the March Consumer Price Index (CPI) and the Producer Price Index (PPI) reports. Despite this increase, rates remain within favorable ranges compared to historical norms, presenting advantageous conditions for individuals in the housing market.
The mortgage market
Despite the slight increase in rates, borrowing costs remain relatively low, providing buyers with favorable conditions to enter the housing market. However, it’s crucial for buyers to remain vigilant and act swiftly in response to changing rate trends to optimize their purchasing power. Existing homeowners can also benefit from the prevailing low-rate environment, particularly in terms of refinancing options. While rates may have edged up slightly, they are still attractive compared to historical averages. Homeowners looking to refinance their mortgages or tap into their home equity should explore these opportunities to potentially lower monthly payments, reduce interest costs, or access additional funds for other financial goals.
indicators
Economic indicators, such as inflation data and monetary policy decisions, can significantly influence mortgage rates. While this week saw a modest increase in mortgage rates driven by inflationary pressures and the CPI report, the overall landscape remains favorable for homebuyers and homeowners alike. By staying informed and adaptable, individuals can navigate the dynamic mortgage market with confidence and achieve their homeownership and financial objectives.
| Product | Rate | Last Week | Change |
| 30-year fixed | 6.625% | 6.43% | ⇧ 0.195 |
| 15-year fixed | 5.74% | 5.49% | ⇧ 0.25 |
| 30-year fixed with $1,500 lender credit | 7.124% | 6.99% | ⇧ 0.134 |
| 30-year FHA with $1,500 lender credit | 6.625% | 6.249% | ⇧ 0.376 |
| 30-year FHA | 6.124% | 5.749% | ⇧ 0.375 |
| 30-year VA | 6.25% | 5.99% | ⇧ 0.26 |
DISCLAIMER: ALL LOANS ARE SUBJECT TO CREDIT APPROVAL. INTEREST RATES ARE SUBJECT TO CHANGE DAILY AND WITHOUT NOTICE. CURRENT INTEREST RATES SHOWN ARE INDICATIVE OF MARKET CONDITIONS AND INDIVIDUAL QUALIFICATIONS AND WILL VARY UPON YOUR LOCK-IN PERIOD, LOAN TYPE, CREDIT SCORE, LOAN TO VALUE, PURPOSE, AND LENDING SOURCE.
DISCLAIMER: FOR NEW JERSEY PURPOSES, WE ARE NOT A LENDER AND CANNOT GUARANTEE THESE INTEREST RATES
30-year fixed-rate mortgages
Presently, the 30-year fixed-rate mortgage sits at 6.625%, reflecting a increase of 19.5 basis points from the preceding week. Despite its interest rate being higher than that of the 15-year mortgage, the 30-year option is favored by many buyers for its advantage of providing more budget-friendly monthly payments.
15-year fixed-rate mortgages
The current interest rate for a 15-year fixed-rate mortgage is 5.74%, showcasing a rise of 25 basis points from the week prior. Choosing a 15-year mortgage enables borrowers to pay back their loan repayment quicker compared to the 30-year option. While this leads to increased monthly payments, it substantially diminishes the total interest paid over the loan’s duration.
30-year fixed-rate with a $1,500 lender credit
A 30-year fixed-rate mortgage with a $1,500 lender credit offers borrowers the stability of a fixed interest rate over a long loan term, along with financial assistance from the lender to offset some of the upfront costs associated with obtaining the mortgage. The current interest rate stands at 7.124%, 13.4 basis point higher than last week.
Use our free mortgage and amortization calculators to calculate your monthly payment, including insurance, taxes, and interest.
No SSN required. Zero impact to credit. Your Information is never sold.