Staying updated on mortgage rate trends is essential for both prospective homebuyers and current homeowners. In the last few weeks, we witnessed a notable decline in mortgage rates, followed by yet another slight dip this past week. While the changes might seem small, they hold significance in the larger landscape of opportunities in the housing market.
The Continued Decline
Building upon the previous week’s decrease, this past week saw another small but noteworthy drop in mortgage rates. While the decrease might not be as substantial as some would hope, any downward movement in rates is a positive sign for potential opportunities for homebuyers and homeowners alike. Even a slight decrease can make a difference in affordability and financial planning.
What Does This Mean for You?
If you’re in the market to buy a home, the recent decline in mortgage rates could translate to increased purchasing power. Lower rates mean homebuyers may qualify for a larger loan amount or enjoy reduced monthly payments, making homeownership more attainable. It’s a good time to explore your options and take advantage of the favorable borrowing conditions.
For current homeowners, the declining rates present opportunities for refinancing. Whether you’re looking to lower your monthly payments, shorten your loan term, or tap into your home’s equity, now could be an opportune moment to consider refinancing your mortgage. Be sure to weigh the potential savings against any associated closing costs to determine if refinancing makes financial sense for you.
Looking Ahead
While the recent decreases in mortgage rates are encouraging and provide new opportunities, it’s essential for homeowners and homebuyers to remain vigilant and informed about market trends. Economic factors, geopolitical events, and policy decisions can all influence mortgage rates in unpredictable ways. This week, we eagerly await the release of the latest Consumer Price Index (CPI) report.
| Product | Rate | Last Week | Change |
| 30-year fixed | 6.525% | 6.625% | ⇩ 0.10 |
| 15-year fixed | 5.64% | 5.74% | ⇩ 0.10 |
| 30-year fixed with $1,500 lender credit | 6.89% | 6.99% | ⇩ 0.10 |
| 30-year FHA with $1,500 lender credit | 6.274% | 6.374% | ⇩ 0.10 |
| 30-year FHA | 5.89% | 5.99% | ⇩ 0.10 |
| 30-year VA | 5.89% | 5.99% | ⇩ 0.10 |
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 6.525%, reflecting a decrease of 10 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 5.64%, showcasing a drop of 10 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 6.89%, 10 basis point lower than last week.
Use our free mortgage and amortization calculators to calculate your monthly payment, including insurance, taxes, and interest.