All articles tagged with #fixed rate mortgage
Mortgage rates vary today with fixed rates slightly rising and adjustable rates falling, making ARMs potentially attractive for short-term buyers; current averages include a 6.47% for 30-year fixed and 5.66% for 15-year fixed, with rates influenced by credit scores, down payments, and market conditions.
Mortgage rates have seen minor changes this week, with the 30-year rate increasing slightly and the 15-year rate decreasing. Despite signals of lower inflation, significant rate decreases are not expected in the near future. While house prices remain high, the rate of increase has slowed, potentially easing the home-buying process. The average 30-year fixed rate is 6.82%, with the 15-year rate at 6.06%. Choosing between 15- and 30-year mortgages involves balancing lower interest costs with higher monthly payments. Fannie Mae forecasts 30-year rates to end 2024 at 6.4%, with future rates influenced by the Federal Reserve's decisions.
Experts advise against waiting for mortgage rates to drop before buying a home, as there are compelling reasons to act now. The current rates may represent a new normal, and future lower rates could be accompanied by higher home prices. It's recommended to focus on finding the right home rather than waiting for the interest rate environment to change. However, if rates do go down in the future, refinancing could be an option. It's important to secure a fixed rate mortgage with a payment you can afford based on current rates and to monitor the rate environment for potential refinancing opportunities.
Averages on fixed-rate mortgage products remained steady for a second day, with 30-, 20-, 15-, and 10-year loans showing minimal changes. The jumbo fixed-rate averages dropped slightly. Adjustable-rate mortgage averages were down. The recent surge in mortgage rates has led to a 20-year high, but rates have mostly remained in the lower 7% range.