In the latest development on the mortgage rate front, we experienced a slight uptick this week compared to the previous week with the release of the March Jobs Report. However, the good news is that rates still remain relatively low, making market conditions favorable. Despite the slight increase, this stability offers a silver lining amidst the uncertainty in the market. Homebuyers can still take advantage of favorable borrowing conditions, while homeowners may find opportunities for refinancing or accessing equity.
Economic indicators
Today’s release of the March Jobs Report adds an interesting twist to the equation. As a significant economic indicator, the findings of the report could have far-reaching implications for mortgage rates. Economic outlooks and inflation expectations are closely tied to employment data, and any surprises in the report could lead to shifts in interest rates in the near future.
Looking ahead
Looking forward, another market mover on the horizon is the release of the March Consumer Price Index (CPI) report next week. The CPI report serves as a vital gauge of inflation, providing insights into price movements across various consumer goods and services. Given the Federal Reserve’s focus on inflation targeting, the CPI report’s release is anticipated with keen interest by market participants.
Changes in mortgage rates can impact affordability and purchasing power for homebuyers, as well as opportunities for homeowners to refinance or tap into their home equity. While we observed a slight increase this week, the overall landscape remains favorable for borrowers. The March Jobs Report and upcoming CPI report will undoubtedly provide further insights into the direction of interest rates in the weeks ahead.
| Product | Rate | Last Week | Change |
| 30-year fixed | 6.43% | 5.999% | ⇧ 0.431 |
| 15-year fixed | 5.49% | 5.365% | ⇧ 0.125 |
| 30-year fixed with $1,500 lender credit | 6.99% | 6.5% | ⇧ 0.49 |
| 30-year FHA with $1,500 lender credit | 6.249% | 6.124% | ⇧ 0.125 |
| 30-year FHA | 5.749% | 5.615% | ⇧ 0.134 |
| 30-year VA | 5.99% | 5.865% | ⇧ 0.125 |
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 6.43%, reflecting a increase of 43.1 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 5.49%, showcasing a rise of 12.5 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 6.99%, 4.9 basis point higher than last week.
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