Mortgage interest rates have been trending higher over the past 30 days, leading to potentially increased costs for new borrowers of approximately $30 per month for every $100,000 borrowed. As of this week, the average U.S. interest rate for 30-year fixed-rate mortgages stands at 6.54%, up from 6.08% a month ago. However, forecasts for future interest rate changes remain mixed as the recent short-term interest rate reduction caused a spike in mortgage interest rates.
Mortgage interest rates have trended downward over the past 30 days, leading to potential savings for new borrowers of approximately $19 per month for every $100,000 borrowed. As of this week, the average U.S. interest rate for 30-year fixed-rate mortgages stands at 6.49%, down from 6.77% a month ago. However, forecasts for future interest rate changes remain mixed.
Mortgage interest rates have trended slightly downward over the past 30 days. The recent change will save new borrowers about $5 per month for every $100,000 borrowed. As of this week, the average U.S. interest rate for 30-year fixed-rate mortgages is 7.02%, compared to 7.10% a month ago. Forecasts for future interest rate changes remain mixed.
This is just a friendly reminder that April 15th is the last day to file your 2023 taxes in the United States. Also, don’t forget that one of the best ways to mitigate liability is through the mortgage interest deduction.
Homebuyers might want to temper their expectations for significant declines in mortgage rates as the spring housing season commences. The inflation rate increased to 3.2% year-over-year in February, as highlighted in the latest consumer price index report. This marks the third consecutive month of rising inflation rates, diverging further from the U.S. Federal Reserve’s 2% target.