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After five consecutive weeks of increases, mortgage rates have now decreased for the second straight week. The declines are pretty minimal this week, though. According to Freddie Mac, the year fixed rate is down one basis point to %, and the year fixed rate dropped by four basis points to %.
The Federal Reserve announced that it was not cutting the federal funds rate at yesterday's meeting and indicated it intends to be conservative about fed funds rate slashes in — so home loan rates probably won't plummet anytime soon. Now could be a good time to lock in a rate with a lender and start shopping for homes before the busy spring buying season kicks in.
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Read more: Mortgage rates stay stuck around 7%
Here are the current mortgage rates, according to the latest Zillow data:
year fixed: %
year fixed: %
year fixed: %
5/1 ARM: %
7/1 ARM: %
year VA: %
year VA: %
5/1 VA: %
Remember, these are the national averages and rounded to the nearest hundredth.
Learn more: 5 strategies to get the lowest mortgage rates
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Thu, Mar 20 , PM
It was actually a rather uneventful day for the bond market. That means it should have been an uneventful day for mortgage rates (because they're driven by changes in the bond market). To be fair, it was far from an exciting day, but the average mortgage lender was nonetheless able to inch closer to potentially exciting milestone.
Rates have generally been flat at levels that are just a bit higher compared to the longer-term low seen in early March. Before that, you'd have to go back to mid-October to see anything lower. Today's mortgage rates ended up % lower than yesterday's, despite the bond market indicating no change. The discrepancy comes down to timing.
Yesterday saw a nice improvement in bonds late in the day. Not every mortgage lender went to the trouble to improve their rates. Now today, bonds are falling back to the same levels, but they were in better shape this morning when most lenders decided their rates for the day. The average lender has, once again, not gone to the trouble to raise their rates in response to the bond market movement.
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If you're wondering if there's a tacit implication abou
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Most of today's mortgage rates have remained stagnant. According to Zillow, both the year and year fixed interest rates haven't budged and sit at % and %, respectively.
Unless there is a severe financial setback, year mortgage rates might be stuck in the %-to-7% range for a while. Do you have the down payment in the bank and feel ready to buy? Then you might want to start house hunting now.
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Here are the current mortgage rates, according to the latest Zillow data:
year fixed: %
year fixed: %
year fixed: %
5/1 ARM: %
7/1 ARM: %
year VA: %
year VA: %
5/1 VA: %
year FHA: %
Remember, these are the national averages and rounded to the nearest hundredth.
Learn more: Here's how mortgage rates are determined
These are today's mortgage refinance rates, according to the latest Zillow data:
year fixed: %
year fixed: %
year fixed: %
5/1 ARM: %
7/1 ARM: %
year VA: %
year
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