In recent weeks, we’ve seen a slight decline in mortgage rates across the board, bringing positive news for both prospective homebuyers and current homeowners looking to refinance. This downward trend, while modest, could have significant financial benefits.
Key Factors Influencing Mortgage Rates
Economic Indicators: Economic health remains steady, with consistent employment rates, inflation, and consumer spending. This stability helps maintain a favorable market.
Federal Reserve Policies: The Federal Reserve has not made any significant changes to its policies, contributing to a predictable and stable interest rate environment.
Global Economic Conditions: Global markets have remained relatively calm, with only slight disruptions impacting U.S. mortgage markets, supporting the current trend of low rates.
Impact on Homebuyers and Homeowners
With mortgage rates on a slight decline, now is an opportune time for both buying a home and refinancing an existing mortgage. Here are the key benefits:
Lower Monthly Payments: Reduced interest rates mean lower monthly payments, leading to significant savings over the loan’s life.
Increased Buying Power: Lower rates allow homebuyers to afford more expensive homes or secure better mortgage terms.
Refinancing Benefits: Current homeowners can take advantage of this market to reduce monthly payments, shorten loan terms, or access home equity at a lower cost.
Looking Ahead
As we move forward, we expect mortgage rates to remain relatively stable, continuing at their current low levels. If you’re considering purchasing a home or refinancing, now is a great time to lock in these low rates to protect against potential future increases. Keep an eye on economic news and updates, as the market can change based on new data or policy shifts.
| Product | Rate | Last Week | Change |
| 30-year fixed | 5.99% | 6.374% | ⇩ 0.384 |
| 15-year fixed | 5.374% | 5.374% | +/- 0.00 |
| 30-year FHA | 5.625% | 5.74% | ⇩ 0.115 |
| 30-year VA | 5.74% | 5.874% | ⇩ 0.134 |
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 5.99%, reflecting a decline of 38.4 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.
Use our free mortgage and amortization calculators to calculate your monthly payment, including insurance, taxes, and interest.