This week, the mortgage market witnessed a slight uptick in rates, but they remain near 12-month lows. While the recent increase may be a concern for some, the rise is modest, keeping the window of opportunity open for both homebuyers and homeowners looking to refinance. Despite the slight increase, current rates still offer favorable conditions for locking in a mortgage, making this an advantageous time for many. The release of the upcoming Consumer Price Index (CPI) report will be an indicator of future market trends.
The market and cpi report
The broader mortgage market is in a state of cautious anticipation as all eyes turn to next week’s CPI report. This upcoming report is a critical piece of economic data that will provide fresh insights into inflation trends in the U.S. economy. The outcome of this report could have significant implications for mortgage rates in the coming weeks.
If the CPI report indicates that inflation is cooling, we may see mortgage rates stabilize or even dip slightly. This would be a welcome development for prospective homebuyers and those considering refinancing, as it could translate to more affordable borrowing costs. On the other hand, if the report reveals that inflation remains high or is accelerating, mortgage rates could experience further increases as lenders adjust to the new economic realities.
looking ahead
The slight increase in mortgage rates this week should not be a cause for alarm, but rather a reminder that rates are dynamic and can change based on various economic factors. Next week’s CPI report will be particularly influential, and its results could set the tone for mortgage rates in the near future. Rates still hover around 12 month lows.
As we await the CPI report, buyers and homeowners may want to consider locking in current rates before any significant shifts occur. Whether you’re in the market for a new home or thinking about refinancing, now could be an opportune time to secure favorable terms. The key takeaway is to remain vigilant and be prepared to act quickly based on the latest economic data.
While mortgage rates have seen a slight uptick this week, they are still near 12-month lows, providing a continued opportunity for those looking to purchase or refinance a home. The upcoming CPI report will be a critical factor in determining where rates head next, so staying informed and ready to act is essential.
| Product | Rate | Last Week | Change |
| 30-year fixed | 5.99% | 5.624% | ⇧ 0.366 |
| 15-year fixed | 5.24% | 4.874% | ⇧ 0.366 |
| 30-year FHA | 5.624% | 5.24% | ⇧ 0.384 |
| 30-year VA | 5.74% | 5.24% | ⇧ 0.50 |
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 rise of 36.6 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 5.24%, showcasing an increasing 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.
Use our free mortgage and amortization calculators to calculate your monthly payment, including insurance, taxes, and interest.