"2024 Mortgage Rates Update: Rise, Fall, and Impact on Homebuyers"
On February 12, 2024, the average mortgage rates for a 30-year fixed mortgage is 7.37% with an APR of 7.27%, while the 15-year fixed mortgage has an average rate of 6.61% with an APR of 6.57%. The average interest rate on a 30-year fixed-rate jumbo mortgage is 7.29%. Factors such as income, debt, credit score, and down payment play a crucial role in determining home affordability. Borrowers can influence their mortgage rates by improving their credit score, maintaining a low debt-to-income ratio, and considering various loan programs.