Following the release of the March jobs report, mortgage rates decreased for the fourth consecutive week, dropping to the lowest levels in months and providing some relief to homebuyers. Though supply remains low, home prices appear to be stabilizing, another development that could lure buyers back into the market.
The March jobs report showed hiring slowed last month, but likely not by enough to relieve the Federal Reserve from its efforts to raise interest rates in order to curb inflation.
today’s mortgage rates: April 7, 2023
Mortgage rates have decreased across all terms, approaching six-month lows. Today’s average mortgage interest rates are listed below.
- 30 Yr. Fixed: 5.93%
- 15 Yr. Fixed: 5.52%
- 30 Yr. Jumbo: 5.70%
- 5/1 ARM: 6.34%
- 30 Yr. FHA: 5.53%
- 30 Yr. VA: 5.62%
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
The interest rate for the 30-year fixed mortgage has decreased by 41 basis points from the previous week, falling to 5.93%. The 30-year fixed-rate mortgage is the most popular type of fixed-rate mortgage and the most common mortgage term in the U.S. Despite carrying a higher interest rate compared to the 15-year fixed-rate mortgage, it provides a more manageable monthly payment.
15-year fixed-rate mortgages
The average interest rate for a 15-year fixed-rate mortgage is currently 5.52%, a 23 basis point decrease from the previous week. In contrast to a 30-year fixed-rate mortgage, a 15-year fixed-rate mortgage offers a shorter repayment term, which may result in a higher monthly payment but less interest paid overall.
30-year jumbo mortgages
The interest rate for a 30-year fixed jumbo loan remains at 5.70%. Jumbo loans typically carry higher interest rates compared to conventional loans because you’re borrowing a larger amount. However, due to current economic conditions, jumbo loan rates are currently 23 basis points lower than 30-year fixed loan rates.
5/1 adjustable-rate mortgages
The average interest rate for a 5/1 adjustable-rate mortgage (ARM) is 5.62%, indicating a 25 basis point increase from the previous week. Generally, adjustable-rate mortgages have lower rates than fixed-rate mortgages. However, currently, the 5/1 ARM’s average interest rate is 31 basis points lower than the average 30-year fixed-rate mortgage.
One crucial element of adjustable-rate mortgages is that their interest rates can fluctuate based on the loan’s terms and market conditions. If you intend to sell or refinance your property before the rate adjusts, selecting an ARM might be a sensible decision. However, if you don’t, you could wind up with a higher interest rate if market rates increase.
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