Current Mortgage Rates and Trends

The latest news in the housing market is centered around mortgage interest rates, which have been fluctuating recently. According to Money’s daily rate survey, the average rate on a 30-year fixed-rate mortgage jumped to 7.67%, an increase of 0.111 percentage points. Borrowers looking for a 30-year fixed-rate refinance loan also saw rates rise to 8.251%, up by 0.069 percentage points.

However, Freddie Mac’s current rate for a 30-year fixed-rate mortgage is 6.86%, ticking down by 0.01 percentage points. Additionally, Freddie Mac’s current rate for a 15-year fixed-rate mortgage increased to 6.16%, a slight change of 0.03 percentage points.

The recent downward trend in mortgage rates may continue, with Freddie Mac’s chief economist, Sam Khater, expecting rates to come down over the summer months. Lower rates are expected to help ease the affordability crisis and bring more buyers back into the market.

It is advised for borrowers to compare offers from multiple lenders and use tools like Money’s mortgage calculator to estimate monthly payments under different rate scenarios. The housing market is closely watching for signs of progress on the inflation front, with analysts waiting for the personal consumption expenditure price index report due out on Friday.

In summary, mortgage rates have been fluctuating, with some rates increasing and others decreasing. Borrowers are encouraged to stay informed and explore their options to secure the best mortgage rate for their needs.