Today's Mortgage Rates - 03/29/2024
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Rates Settle Back This Week
As expected, mortgage rates posted a slight decline this week.
Freddie Mac reported today that the average offered interest rate for a conforming 30-year fixed-rate mortgage declined by eight basis points (0.08%), settling down to 6.79%, close to the middle of a range it has held over the last five weeks.
Average offered rates for fifteen-year fixed-rate mortgages also moved downward in the latest survey, posting a decrease of ten basis points (0.10%), to land at 6.11% While backing and filling a bit, this average is now at it's lowest point since early February.
Relative to a long-term fixed-rate mortgage, the offered rate for the most popular ARM was about as attractive this week as it was last week. The Mortgage Bankers Association reported that the average offered rate for first five years of a 5/1 hybrid ARM declined by five basis points (0.06%) in their latest survey week, slipping to 6.27%. With the spring housing season getting into full swing and long-term mortgage rates elevated, a homebuyer might be more inclined to consider an ARM to save some money over the first few years of ownership while waiting for a chance to refinance to a more permanent loan.
If you're interested learning the advantages (and pitfalls) of ARMs, you should read HSH's comprehensive Guide to Adjustable Rate Mortgages.
While Friday's release of February's PCE price data -- the Fed's preferred inflation gauge -- could sway investors, the reaction may be limited, as it is at least market partial holiday. Bond markets have an early close Friday, so trading will be very thin, and investor reaction to the new data (if any) may not show until early next week. At least for the week so far, the indication is that mortgage rates have stabilized at about today's levels, and they seem likely to hold around here for 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 |
---|---|---|
03/28 | 6.790% | 6.110% |
03/21 | 6.870% | 6.210% |
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% |
Mortgage Choices at a Glance
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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.