Current mortgage rates
Loan typeCurrent4 weeks agoOne year ago52-week average52-week low30-year7.01%7.22%6.48%7.11%6.32%15-year6.41%6.57%5.84%6.46%5.68%30-year jumbo7.05%7.15%6.23%6.99%6.13%
The 30-year fixed mortgages in this week’s survey had an average total of 0.28 discount and origination points. Discount points are a way for you to reduce your mortgage rate, while origination points are fees a lender charges to create, review and process your loan.
Monthly mortgage payment at today’s rates
$2,049
The national median family income for 2023 was $96,300, according to the U.S. Department of Housing and Urban Development, and the median price of an existing home sold in February 2024 was $384,500, according to the National Association of Realtors (NAR). Based on a 20 percent down payment and a 7.01 percent mortgage rate, the monthly payment of $2,049 amounts to 26 percent of the typical family’s monthly income.
Will mortgage rates go down?
“Inflation isn’t settling down as quickly as was expected, so this will keep a floor under mortgage rates until we get some better data,” says Greg McBride, CFA, Bankrate’s chief financial analyst.
Back in October, the average rate on 30-year home loans topped 8 percent. Rates crossed back under 7 percent in December after the Federal Reserve announced it’d pivot to cuts in 2024. The central bank left rates unchanged in March — the latest inflation numbers have forced the Fed to keep rates where they are.
“As expected, the Federal Reserve left their target rate unchanged at 5.25 percent to 5.50 percent,” says Melissa Cohn, regional vice president of William Raveis Mortgage.
To be clear, mortgage rates are not set directly by the Fed, but by investor appetite, particularly for 10-year Treasury bonds, the leading indicator for fixed mortgage prices. That can lead to intense rate swings — they soar on news of Fed hikes, then plummet in anticipation of a cut.
Mortgage rates are also chained to inflation, a metric the Fed has been moving to control.
Loan applications fell 0.7 percent this week, according to the Mortgage Bankers Association, while home prices remain elevated. While NAR reported an uptick in inventory in January, many markets still don’t have enough listings.
“While home sales remain sizably lower than a couple of years ago, January’s monthly gain is the start of more supply and demand,” said Lawrence Yun, NAR chief economist.