According to Freddie Mac, the average 30-year fixed mortgage rate is 3.05%, up slightly from last week's rate of 3.04%.
The 15-year fixed rate mortgage also increased by 0.03%, rising from 2.44% to 2.47%. This is the third consecutive week of increases for both the 30-year and 15-year mortgages.
Additionally, the 5/1 adjustable rate mortgage (ARM) saw a small increase from 2.65% to 2.66%. This is the first time in three weeks that the 30-year and 5/1 ARM mortgages have seen an increase.
Furthermore, the overall housing market continues to be strong. Housing prices in the US have been increasing at a steady pace over the last 10 years, with 2021 being no exception.
As for refinancing rates, they remain high, with most lenders offering rates around 2.75%-3.00%. Generally speaking, this is more or less the same rate homeowners were offered in March and February.
Despite the seemingly stagnant refinancing market, there are some bright spots. For those looking to switch from an adjustable-rate to a fixed-rate mortgage, now may be a good time to do so. Fixed-rate mortgage rates are lower than they've been in several months, making it a great option for homeowners seeking stability.
Overall, mortgage and refinance rates today continue to remain steady. While the 30-year and 15-year mortgages have seen slight increases over the last several weeks, the 5/1 ARM rate has stayed consistent. Additionally, the housing market remains strong, with prices overall increasing steadily over the last decade. Refinancing rates remain high, with most lenders offering rates of about 2.75-3.00%, yet there are still opportunities available to those looking to switch from an adjustable-rate to a fixed-rate mortgage, as fixed-rate mortgage rates are currently lower than they've been in recent months.
In summary, the mortgage and refinance rates today have remained relatively consistent over the past few weeks. The 30-year and 15-year fixed mortgage rates have seen slight increases while the 5/1 ARM rate has held steady. The US housing market remains strong, with prices continuing to rise steadily over the last decade. Refinancing rates are high, yet those looking to switch from an adjustable-rate to a fixed-rate mortgage may find the current rates to be appealing.
This article was contributed on Dec 28, 2023
