2024

Current Mortgage Rates

By UNN NEWS DESK

At the start of February, average mortgage rates inched past 7% for the first time since early December.

The rise was driven by robust labor data and delayed rate cuts from the Federal Reserve. Despite this, rates have markedly decreased from their peak of 8.01% in October.

Most forecasters anticipate mortgage rates nearing 6% in 2024. But, rate fluctuations depend on economic indicators, especially inflation trends, and the timing of potential Fed interest rate reductions.

Fed may cut rates in March. Experts cautious due to strong employment data. Rates may not drop until early summer.

What are today’s mortgage rates?

As of Feb. 8 30-year fixed: 7.10% (APR 7.11%) 15-year fixed: 6.52% (APR 6.55%) 5/1 ARM: 6.11% (APR 7.27%)

What factors determine my mortgage rate?

Credit Score Lenders offer the lowest available rates to borrowers with excellent credit scores of 740 and above.

Size of Loan The size of your loan can impact the interest rate you qualify for.

Loan Term 30-yr fixed-rate mortgages spread payments over 3 decades. Shorter 15-yr loans have lower rates but higher monthly payments.

Loan Type Mortgage type affects your rate. Choose fixed-rate for steady payments or adjustable-rate for lower initial rates but potential future payment hikes.