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https://www.nar.realtor/magazine/real-estate-news/mortgage-rates-cool-off-settle-in-6-percent-range?utm_term=62C0B74D-C9...
Submission: On February 28 via manual (February 28th 2024, 10:46:13 am UTC) from IN — Scanned from DE

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MORTGAGE RATES COOL OFF, SETTLE IN 6% RANGE

January 4, 2024
Financing & Credit, Mortgages & Home Financing
By: Melissa Dittmann Tracey



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Borrowing costs have fallen over the last two months.

© Andrii Yalanskyi - iStock/Getty Images Plus

Mortgage rates are ringing in the new year much lower than their near-8% peak
this past fall. The 30-year fixed-rate mortgage has decreased for the past nine
weeks, though breaking for a slight uptick this week to reach 6.62%, Freddie Mac
reports.

“The overall trajectory of mortgage interest rates in 2024 is expected to
decrease,” says Jessica Lautz, deputy chief economist at the National
Association of REALTORS®. “While mortgage interest rates ease, there will be
weekly shifts in the average rate. As home buyers move forward into the spring
market, staying closely attuned with a mortgage broker can help them navigate
the best rate.”

At this week’s rate of 6.62%, a monthly mortgage payment for a $400,000 home
would translate to $2,048, Lautz says. That is considerably lower than in the
fall, when a rate of 7.12% translated to a monthly mortgage payment of $2,221.  

Between late October and mid-December 2023, the 30-year fixed-rate mortgage
plummeted more than a percentage point, says Sam Khater, Freddie Mac’s chief
economist. “Given the expectation of rate cuts this year from the Federal
Reserve, as well as receding inflationary pressures, we expect mortgage rates
will continue to drift downward as the year unfolds. While lower mortgage rates
are welcome news, potential home buyers are still dealing with the dual
challenges of low inventory and high home prices that continue to rise.”

NAR is predicting that the 30-year fixed-rate mortgage will average 6.3% in
2024.

Freddie Mac reports the following national averages with mortgage rates for the
week ending Jan. 4:

 * 30-year fixed-rate mortgages: averaged 6.62%, rising slightly from last
   week’s 6.61% average. A year ago, 30-year rates averaged 6.48%.
 * 15-year fixed-rate mortgages: averaged 5.89%, dropping from last week’s 5.93%
   average. Last year at this time, 15-year rates averaged 5.73%.


MELISSA DITTMANN TRACEY

Melissa Dittmann Tracey is a contributing editor for REALTOR® Magazine, editor
of the Styled, Staged & Sold blog, and produces a segment called "Hot or
Not?(link is external)" in home design that airs on NAR’s Real Estate Today
radio show. Follow Melissa on Instagram and Twitter at @housingmuse.

 * Content by Melissa Dittmann Tracey
 * Content with Melissa Dittmann Tracey

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www.nar.realtor Open in urlscan Pro 199.223.218.17 Public Scan

Form analysis 3 forms found in the DOM

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www.nar.realtor Open in urlscan Pro
199.223.218.17 Public Scan

Form analysis
3 forms found in the DOM