Current Mortgage Rate Trends and Predictions: July 19, 2024
Are you in the market for a new home or looking to refinance your current mortgage? If so, you’ll want to stay informed about the latest mortgage rates. Today, the average rate for a 30-year fixed mortgage is 6.82%, a decrease of -0.12% from last week. Similarly, the average rate for a 15-year fixed mortgage is 6.23%, down -0.17% from the previous week.
The Federal Reserve has been closely monitoring inflation before making any interest rate cuts, which has impacted mortgage rates. While experts anticipate a gradual decrease in mortgage rates in the coming months, market predictions can change based on economic data and geopolitical events.
When mortgage rates start to fall, it’s essential to be prepared to take advantage of the lower rates. Experts recommend shopping around and comparing multiple offers to secure the best rate for your situation. By entering your information, you can receive a custom quote from one of CNET’s partner lenders.
When choosing a mortgage term and type, consider factors such as loan duration and interest rate stability. Fixed-rate mortgages offer a set interest rate for the loan’s duration, providing stability, while adjustable-rate mortgages have a fixed rate for a specific period before adjusting annually based on the market.
Whether you opt for a 30-year fixed-rate mortgage with a higher interest rate but lower monthly payments or a 15-year fixed-rate mortgage with lower interest rates and quicker payoff, it’s essential to weigh your options carefully.
Looking ahead, experts predict that mortgage rates will fall below 7% in the coming months, depending on various economic factors. While a return to the ultra-low rates of a few years ago is unlikely, homebuyers can still benefit from lower rates by staying informed and being prepared.
To calculate your monthly mortgage payment and explore your options further, use CNET’s mortgage calculator and research lenders to find the best rates. By saving for a larger down payment, improving your credit score, and comparing loan offers, you can secure a competitive mortgage rate when the time is right.
Overall, staying informed about mortgage rates and market trends can help you make informed decisions when purchasing or refinancing a home. Keep an eye on the latest updates and be prepared to take advantage of lower rates when they become available.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The content is based on general research and may not be accurate, reliable, or up-to-date. Before making any financial decisions, it is recommended to consult with a professional financial advisor or conduct thorough research to verify the accuracy of the information presented. The author and publisher disclaim any liability for any financial losses or damages incurred as a result of relying on the information provided in this article. Readers are encouraged to independently verify the facts and information before making any financial decisions.