Mortgage Rates Dip as Demand Rises

Mortgage rates have decreased, with the current average rate on a 30-year fixed mortgage at 8.02%, a decrease of 0.23 percentage points from last week. The average rate on a 15-year mortgage is 7.20%, while the average rate on a 30-year jumbo mortgage is 7.90%. Factors such as the Federal Reserve's rate decisions, bond market performance, economic health, and inflation impact mortgage rates. Borrowers can focus on improving their credit score, maintaining a low debt-to-income ratio, and considering loan term and residence type to secure a lower interest rate. Different loan programs, including conventional mortgages and government-backed programs like FHA, VA, and USDA loans, offer various options for borrowers.