Current Mortgage Rates and Trends: What You Need to Know
Are you in the market for a new home or considering refinancing your current mortgage? If so, you’re in luck because mortgage rates have been relatively stable this week and are well below where they started in July. According to Freddie Mac, the average 30-year mortgage rate is currently at 6.78%, nearly flat from the previous week.
The good news is that mortgage rates fell earlier this month in response to cooler-than-expected inflation data. As long as inflation continues to decelerate and the Federal Reserve is able to start lowering the federal funds rate, mortgage rates are expected to fall further throughout the remainder of 2024.
Despite these lower rates, buyers are still pausing, as reflected in tumbling new and existing home sales data. The National Association of Realtors reported that existing-home sales were down 5.4% year over year in June. However, as rates continue to fall, affordability should improve, bringing more buyers back into the market.
If you’re curious about the current mortgage rates, Zillow provides up-to-date information on both mortgage rates and mortgage refinance rates. You can also use our free mortgage calculator to see how today’s interest rates will affect your monthly payments. By adjusting factors such as down payment amount, interest rate, and additional monthly payments, you can see how much you could potentially save on interest charges and reduce the length of your loan.
For those wondering about the future of mortgage rates, experts predict that rates will go down at some point this year. Inflation has slowed significantly since its peak last year, indicating that mortgage rates should soon start trending down. In the meantime, homeowners looking to leverage their home’s value for a big purchase can consider a home equity line of credit (HELOC) as a temporary solution.
Overall, the current mortgage market presents a unique opportunity for both homebuyers and homeowners looking to refinance. With rates expected to fall further, now may be the perfect time to explore your options and take advantage of the favorable conditions. Stay informed, stay proactive, and make the most of the current mortgage landscape.
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.