Mortgage
Rates decrease slightly across various terms at the end of the week.
– Mortgage rates are decreasing for 30-year and 15-year terms as of March 29, 2024
– Average interest rates for a 30-year mortgage are at 6.90%, down 9 basis points from last week
– Rates for a 15-year term are at 6.35% for purchase and 6.39% for refinance
– Federal Reserve held its benchmark target interest rate steady at 5.25% to 5.50%
– Freddie Mac predicts mortgage rates to stay at 6.5% or higher through the summer
– National Association of Realtors settled to end real estate broker commissions of up to 6% of a home’s purchase price
– Four factors that affect mortgage rate: credit score, down payment, loan term, interest rate type
– Mortgage rates are influenced by inflation rates, economic conditions, housing market trends, and the Federal Reserve’s target interest rate
– Best time to lock in a mortgage rate is when comfortable with offered rate and conditions of the loan
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