This news should bring some relief to borrowers looking to enter or stay in the home-buying market. With a strong economy and low unemployment, many prospective buyers are now able to find and secure mortgages that fit their budgetary needs.
In general, mortgage rates have remained steady over the past several weeks, though they did increase slightly last week due to some economic uncertainty. Rates for 30-year fixed mortgages are hovering around 3.03%, up from 2.98% earlier this month. 15-year fixed mortgages sit at 2.44%, up from 2.35%.
Refi rates have also increased, but remain significantly lower than those of longer-term mortgages. Rates for 5/1 ARM adjustable rate mortgages (ARMs) are currently at 2.77%, up from 2.71%. It may be wise for those looking to refinance to take advantage of today's rates.
Individual lenders may have differing rates, so it is important for borrowers to shop around to ensure they receive the best rate available to them. According to the Mortgage Bankers Association, applications for new home purchases and refinances have increased compared to last year.
Overall, borrowing costs have been low for much of this year, allowing many would-be buyers to enter or stay in the housing market. Today's rate announcement should give further assurance to those who may have been on the edge of either entering or staying in the market. As long as borrowing costs remain low, the housing market should continue to improve.
Mortgage and refinance rates are holding steady or increasing somewhat across the US, as of September 29th, 2021. Rates for 30-year fixed mortgages are hovering around 3.03%, while 15-year fixed mortgages sit at 2.44%. Adjustable rate mortgages (ARMs) have an average of 2.77%. With a strong economy and low unemployment, more people have the opportunity to buy or refinance homes, even with slightly adjusting rates. It is recommended that individuals shop around to ensure they get the best rate available. Applications for both new home purchases and refinances have increased compared to last year, signaling a positive outlook for the housing market.
This article was contributed on Nov 03, 2023