This week, the mortgage rate market continued its upward trajectory, driven by encouraging economic indicators. Despite this trend, there’s optimism in the air as we anticipate a stabilization of rates in the coming month, especially in light of recent economic data. The persistent rise in mortgage rates is a direct response to positive economic development, signaling growth, resilience & stabilization across key sectors. However, it’s crucial to contextualize these fluctuations within the broader landscape of market dynamics, inflation stance and economic patterns and trends.
indicators
The release of the March Consumer Price Index (CPI) report last week significantly influenced market sentiment and interest rate movements and development. Serving as a critical measure of inflation, the CPI report shed light on price shifts in various consumer goods and services. This data not only impacted investor expectations but also drove the trend of market behavior in response to inflationary pressures.
looking ahead
Looking forward, the path of mortgage rates hinges on a multitude of factors, including upcoming economic data releases, inflation status and policy decisions. By closely monitoring these developments, stakeholders can better understand the underlying forces shaping the mortgage rate landscape. While this week saw a continuation of rising mortgage rates, there’s hope on the horizon for stabilization in the near future.
| Product | Rate | Last Week | Change |
| 30-year fixed | 6.934% | 6.625% | ⇧ 0.309 |
| 15-year fixed | 6.24% | 5.74% | ⇧ 0.5 |
| 30-year fixed with $1,500 lender credit | 7.124% | 7.124% | +/- 0.0 |
| 30-year FHA with $1,500 lender credit | 6.625% | 6.625% | +/- 0.0 |
| 30-year FHA | 6.24% | 6.124% | ⇧ 0.116 |
| 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 30.9 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 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 7.124%, 0 basis point higher/lower than last week.
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