This week’s mortgage rate update is reflective of the February 2024 Jobs Report, which showed market strength despite a rise in unemployment to 3.9%. Impressively, it remained below 4% for the 25th consecutive month, marking the longest streak since the late 1960s. The addition of 275,000 jobs showcased the economy’s resilience, although revised data tempered earlier gains.
rate update
This week, rates saw a favorable change, responding to labor market trends amid robust economic growth. Lenders adjusted rates based on careful evaluation of economic indicators, market conditions, and risk factors.
The jobs report guides lenders in decision-making regarding rate adjustments. Each element, from unemployment to job additions, shapes mortgage rate trajectories in the coming weeks.
Despite rising unemployment, the economy remains stable, reflecting its ability to weather challenges and maintain growth. For borrowers, favorable rate changes offer lower borrowing costs and increased affordability, but staying informed is key.
Looking ahead
Mortgage rate updates will be influenced by Federal Reserve policies and global economic trends. The February 2024 Jobs Report sheds light on the economy’s state and its impact on mortgage rates. While unemployment rises, the market remains resilient, signaling growth opportunities. As lenders adjust rates, borrowers benefit from favorable changes, emphasizing the importance of staying proactive in navigating mortgage financing.
| Product | Rate | Last Week | Change |
| 30-year fixed | 5.99% | 6.49% | ⇩ 0.5 |
| 15-year fixed | 5.375% | 5.875% | ⇩ 0.5 |
| 30-year fixed with $1,500 lender credit | 6.625% | 6.875% | ⇩ 0.25 |
| 30-year FHA with $1,500 lender credit | 6.25% | 6.249% | ⇧ 0.001 |
| 30-year FHA | 5.74% | 6.125% | ⇩0.385 |
| 30-year VA | 5.74% | 6.125% | ⇩0.385 |
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.
30-year fixed-rate mortgages
Presently, the 30-year fixed-rate mortgage sits at 5.99%, reflecting a decrease of 50 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 5.375%, showcasing a drop of 50 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 6.625%, 25 basis point lower than last week.
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