Mortgage Rates For January 26, 2024: 4 Home Improvements to Increase the Value of Your Home

Mortgage Rates For January 26, 2024: 4 Home Improvements to Increase the Value of Your Home

Your home is your investment. Whether you’re considering making improvements to a new home, or have a well lived-in home past due for some updates, certain updates and upgrades typically increase the home’s value, which helps when it comes time to sell again in any market.

When considering average daily mortgage interest rates and the total amount of a home loan, it’s critical to consider necessary equity investments you want to make – whether those are improvements pre move-in with a standard mortgage, or initiating a home equity loan to reinvest in the value of your property. 

30-year mortgage interest rates +0.02%

The average daily mortgage interest rate for Thursday, January 26, 2024 is 6.90% for a 30 year fixed rate. The rate remained the same from yesterday and rose 0.22% from December 2023. This information is sourced daily from correspondent, retail, and wholesale lenders located in the United States.

Lenders in the freerateupdate.com network are currently offering rates as low as 6.0% (6.2% APR) on a 30-year fixed-rate mortgage. Receive a rate up to 0.90% lower than today’s average 30-year mortgage rate if you qualify. ⓘ

15-year mortgage interest rates +0.02%

The average daily mortgage interest rate for Friday, January 26, 2024 is 6.31% for a 15 year fixed rate. The rate rose 0.02% from yesterday and rose 0.27% from December 2023. This information is sourced daily from correspondent, retail, and wholesale lenders located in the United States.

Lenders in the freerateupdate.com network are currently offering rates as low as 5.0% (5.3% APR) on a 15-year fixed-rate mortgage. Receive a rate up to 1.31% lower than today’s average 15-year mortgage rate if you qualify. ⓘ

Reasons to invest in home improvements using a home loan

Ideally, home improvements create a better quality of life for you and your family. If you intend to keep your home in your family, your updates will decrease the amount of investment your inheritors will have to put into the home, reducing their financial burden. Plus, some home improvements can reduce long-term costs such as energy bills. 

If you choose to sell your home down the road, investing in your improvements will help you stay competitive in any housing market or location. It’s important to consider future homeowners when you make decisions, whether you look to sell the home or pass it to your children – because you want to create a better quality of life that they will value, as well. For some people, a pool might be a fantastic activity to entertain their kids – for others, it’s a liability, an increased insurance cost, and a maintenance expense they just don’t value.

The best home improvements to improve your home’s value

Here are four home improvements to consider if your goal is to improve your quality of life while increasing the worth of your home.

• Bathroom: Malfunctioning toilets and 1980s color palettes are not desirable or comfortable for most people. And as lives and needs change, it might be easier to have a more accessible shower. Upgrade a bathroom to make it work for your needs and those of future inhabitants.
• Kitchen: Kitchen updates are expensive but popular. Common upgrades include increased cabinet space, an open design, new countertops, a modern and accessible sink, and adding a kitchen island or wet bar. 
• Garage conversion: Is your garage proportionate to the house? Expand the garage or consider converting an existing garage to a new purpose, such as a game room. Carefully choose to ensure it’s something future homeowners will value.
• Curb appeal: Feel increased pride in your home when you make investments into landscaping or paint your home the color you want. Increase its curb appeal and feel warm about your abode. If you’re thinking about selling soon, increasing curb appeal is one of the less expensive, faster investments you can make.

Consider adding your home improvement financial needs to your mortgage application, or investigate a home equity loan as an option for financing home improvements on your existing home.