This week, mortgage rates remained exactly the same as last week, continuing their stability at three-month lows. This consistency is a positive sign for both homebuyers and those considering refinancing, as it indicates no major economic shifts have impacted the rates. The market is holding steady, offering predictability for borrowers.
Why Did Rates Stay the Same?
The consistent rates at these three-month lows can be attributed to balanced economic indicators and Federal Reserve policies aimed at maintaining market stability and predictability. When the economy shows steady growth and inflation is under control, mortgage rates tend to stay stable. This week, no major economic news or data releases have caused any shifts in the rates, keeping them the same from last week.
What Does This Mean for You?
For potential homebuyers, stable rates at these low levels are a positive sign and mean you can plan your purchase with confidence, knowing that the rates are not fluctuating wildly. For those considering refinancing, it’s an excellent time to lock in a rate if it fits your financial goals, as there are no immediate signs of rates increasing.
Looking Ahead to Next Week
As we move into next week, we don’t expect any significant changes in mortgage rates, offering continued predictability. Current economic indicators suggest that rates will continue to hover around their present levels. We’ll keep monitoring any developments that could impact the market and will keep you updated. Stay informed and make the most of these favorable, positive conditions!
| Product | Rate | Last Week | Change |
| 30-year fixed | 6.24% | 6.24% | +/- 0.00 |
| 15-year fixed | 5.374% | 5.374% | +/- 0.00 |
| 30-year fixed with $1,500 lender credit | 6.624% | 6.624% | +/- 0.00 |
| 30-year FHA with $1,500 lender credit | 6.124% | 6.124% | +/- 0.00 |
| 30-year FHA | 5.74% | 5.74% | +/- 0.00 |
| 30-year VA | 5.74% | 5.74% | +/- 0.00 |
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 6.24%, reflecting an increase/decrease of 0.00 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 5.374%, showcasing a rise/drop of 0.00 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 6.624%, 0.00 basis points higher/lower than last week.
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