The average national 30 year fixed mortgage rate has decreased to 2.75%, down from 2.78% last week. This is the lowest average rate Vantage has recorded since March 2020.
On a national level, 15 year fixed rates remain unchanged at 2.25%. Adjustable rate mortgages (ARMs) are also stable, with the 5 year ARM averaging 3.00% and the 7 year ARM holding steady at 3.13%.
The refinance index has increased to its highest level since March 2020, likely due to both borrowers taking advantage of historically low mortgage rates and lenders entering the market as investors move away from the stock market due to the uncertainty caused by Covid-19.
At the state level, states like California and New York remain mostly unchanged, while states like Texas and Florida have seen a decrease in the average 30-year fixed rate this week. The 30 year fixed rate in Texas is currently 2.6%, while in Florida it is 2.7%.
Overall, mortgage rates have remained stable for the past few weeks, with no significant increases or decreases seen. This stability is expected to continue through the end of the year. It is possible that mortgage rates could dip slightly lower in the coming weeks, but nothing drastic is expected.
Vantage Mortgage Group's weekly interest rate tracker provides an overview of the changing mortgage rate landscape on a national and regional level. Nationally, the average 30-year fixed mortgage rate has decreased to 2.75%, a record low since March 2020. 15-year fixed rates have stayed at 2.25%, while adjustable rate mortgages (ARMs) are mostly stable. Refinance activity is up due to borrowers taking advantage of the historically low mortgage rates and investors leaving the stock market.
At the regional level, the average 30-year fixed mortgage rate remains mostly constant in states like California and New York, while states like Texas and Florida have seen a decrease in their respective rates. Mortgage rates are expected to remain relatively stable until the end of 2020 and, while there may be some slight dips in rates in the future, nothing drastic is anticipated.
This article was contributed on Nov 28, 2023
