This past week, the mortgage market saw stability with rates ending mostly flat, hinting at a potentially tumultuous ride ahead. However, amidst this economic uncertainty and volatility, there’s a glimmer of cautious optimism on the horizon.
Looking ahead
Despite rates maintaining elevated levels, there are signs pointing towards a possible downward trend in the near future. Economic indicators and upcoming data releases suggest favorable conditions that could influence rates. Nonetheless, the specter of high inflation casts a shadow of doubt, hinting at further volatility in the market. All eyes are now fixed on the forthcoming Federal Reserve meeting, eagerly awaiting their insights into future rate adjustments.
The eagerly anticipated April job report is another key factor that will shape the trajectory of mortgage rates in the coming months. As it provides crucial insights into job growth, analysts and investors alike will scrutinize this data for indications of economic stability or potential challenges ahead.
As we brace ourselves for the week ahead, it’s essential to prepare for potential market fluctuations and anticipate shifts in mortgage rates. Volatility may be the name of the game, but staying informed and adaptable can help navigate these uncertain waters with confidence.
| Product | Rate | Last Week | Change |
| 30-year fixed | 6.934% | 6.934% | +/- 0.0 |
| 15-year fixed | 6.24% | 6.24% | +/- 0.0 |
| 30-year fixed with $1,500 lender credit | 7.24% | 7.124% | ⇧ 0.116 |
| 30-year FHA with $1,500 lender credit | 6.625% | 6.625% | +/- 0.0 |
| 30-year FHA | 6.24% | 6.24% | +/- 0.0 |
| 30-year VA | 6.25% | 6.25% | +/- 0.0 |
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 6.934%, reflecting a increase of 0 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 6.24%, showcasing a rise of 0 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 7.24%, 11.6 basis point higher than last week.
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