This week, the average rate for a 30-year fixed mortgage is 4.57%, while the 15-year fixed rate average is 4.00%. The 5/1 adjustable rate mortgage (ARM) has an average of 3.93%, while the 7/1 ARM has an average of 4.17%. Both the conforming and non-conforming loan limits have stayed the same, at $453,100 and $679,650, respectively.
The mortgage industry has been relatively stable lately, with interest rates staying relatively steady. This week saw a slight increase in the average rate for a 30-year fixed-rate mortgage, from 4.52% to 4.57%. Similarly, the 15-year fixed rate also saw a small uptick, from 3.97% to 4.00%. The 5/1 and 7/1 adjustable rate mortgages also experienced a minor increase in interest rates, from 3.90% to 3.93%, and from 4.15% to 4.17%.
Conforming loan limits remain the same this week, at $453,100, while non-conforming loan limits stay at $679,650. Any loan amount that exceeds either of these amounts is subject to a higher rate, depending on the loan product chosen.
Overall, rates remain largely unchanged this week, but it is important for borrowers to understand the risks associated with taking out a mortgage. Rates may increase or decrease without warning, so it is best to speak to a mortgage specialist or a financial advisor before deciding which option is right for you.
Analysis:
The Vantage Mortgage Group Weekly Interest Rate Tracker provides insight into the current state of mortgage interest rates across the United States. This week, the average rate for a 30-year fixed mortgage is 4.57%, slightly higher than last week when it was 4.52%. The average rate for a 15-year fixed mortgage has also increased, from 3.97% to 4.00%. The 5/1 adjustable rate mortgage (ARM) and the 7/1 ARM experienced a minor increase in interest rates, from 3.90% to 3.93%, and from 4.15% to 4.17%, respectively. The conforming loan limits remain the same this week, at $453,100, while non-conforming loan limits stay at $679,650.
In general, mortgage interest rates have been fairly consistent over the past few weeks, although they are gradually increasing. Borrowers should be aware of the potential risk of interest rates increasing without warning, and it is recommended to speak to a mortgage specialist or a financial advisor before making any decisions. As the market continues to change, it is important to keep an eye on current rates and trends, and to make informed decisions in order to get the best possible outcome for yourself.
This article was contributed on Sep 21, 2023
