Today's Mortgage Rates - 03/19/2024
Personalize the results below to get your best mortgage rate
Rates Ease, But Already Rebounding Again
Lower mortgage rates greeted mortgage shoppers this week.
Freddie Mac reported today that the average offered interest rate for a conforming 30-year fixed-rate mortgage decreased by fourteen basis points (0.14%), edging down to 6.74%. The decline left the rate for the most popular mortgage type and term at a four-week low.
Average offered rates for fifteen-year fixed-rate mortgages posted a third consecutive decline this week, sporting a fall of six more basis points (0.06%). This left the average offered rate for the most common short-term mortgage at 6.16%, a three-week low.
Long-term fixed mortgage rates hovering a little further below the 7% mark may provide less of an enticement for homebuyers to consider an alternative mortgage product. The Mortgage Bankers Association reported that the average offered rate for first five years of a 5/1 hybrid ARM was unchanged in their latest survey week, holding stead at 6.38%. While the gap between a long-term fixed-rate mortgage and the most popular ARM isn't all that large, a homebuyer with a $300,000 loan amount who selects this ARM would have a monthly payment about $71 per month less and save about $5,426 in interest cost over the first five years of the loan.
If you're interested learning the advantages (and pitfalls) of ARMs, you should read HSH's comprehensive Guide to Adjustable Rate Mortgages.
While mortgage rates have eased somewhat more this week, it doesn't appear that the downtrend has much by way of momentum. The recent economic reports have detailed a still-strong labor market and inflation pressures that have firmed up a bit more in early 2024, and this combination is enough to reverse the recent trend for rates.
That said, the overall pattern isn't so changed as to derail the Fed from its likely path of starting to trim short-term interest rates later this year, at least not yet. The next Fed meeting takes place next Tuesday and Wednesday and includes an updated Summary of Economic Projections, so we're likely to get greater clarity into the Fed's outlook for the economy and interest rates for the next few months at least.
The long-term bond yields that influence mortgage rates have flared higher again of late, returning to roughly where they were at the end of February. If they should hold there, the recent decline in mortgage rates will be erased. Expect to see somewhat higher mortgage rates in the market now and over the next few days.
Each week in HSH's MarketTrends newsletter, we track and discuss economic conditions that affect mortgage rates and their impact on housing markets and consumers. Read the most recent edition of MarketTrends or subscribe for email delivery.
Current mortgage rates
Week | 30-year-Fixed | 15-year-Fixed |
---|---|---|
03/14 | 6.740% | 6.160% |
03/07 | 6.880% | 6.220% |
02/29 | 6.940% | 6.260% |
02/22 | 6.900% | 6.290% |
02/15 | 6.770% | 6.120% |
02/08 | 6.640% | 5.900% |
02/01 | 6.630% | 5.940% |
01/25 | 6.690% | 5.960% |
01/18 | 6.600% | 5.760% |
01/11 | 6.660% | 5.870% |
01/04 | 6.620% | 5.890% |
12/28 | 6.610% | 5.930% |
Mortgage Choices at a Glance
Loan type/terms | Fixed 30 years | Fixed 15 years/ 20 Years |
Hybrid ARM | Traditional ARM | Balloon Mortgage |
---|
Rate changes |
|
|
|
|
|
Benefits |
|
|
|
|
|
Drawbacks/Risks |
|
|
|
|
|
Alternative strategy |
|
|
|
|
|
These may be useful for... |
|
|
|
|
|
Consider if |
|
|
|
|
|
When shopping, ask about |
|
|
|
|
|
Useful tools & resources |
Latest Mortgage Rate Analysis
HSH's longer-range outlook for mortgage rates, where we review our last forecast,discuss current market influences and provide our expectations for mortgage rates over the next nine weeks.