Mortgage rates for April 26, 2024: Complexity of Market Timing

Last week’s mortgage rate movements showed increases in 30-year fixed, 15-year fixed, and jumbo loans, while 5/1 ARM rates declined, according to bankrate.com data. This trend coincides with some forecasters revising projections for 2024, attributing the fluctuation to fixed mortgage rates’ alignment with the 10-year Treasury yield, influenced by economic factors like inflation and Federal Reserve decisions. Despite prior indications, the Fed opted to abstain from rate cuts at its latest meeting, citing the necessity for more promising economic data. This decision reflects the central bank’s ongoing efforts to manage inflation and stimulate economic growth, further underscoring the complexity of market timing and the importance of individual financial considerations.

Loan Type	Today’s Rate	Last Week’s Rate	Change
30 Yr. Fixed	7.30	7.26	+0.04
15 Yr. Fixed	6.71	6.70	+0.01
30 Yr. Jumbo	7.39	7.37	+0.04
5/1 ARM	6.78	6.74	+0.02

These rates are marketplace averages. Actual rates available on-site may vary. This information is sourced daily from correspondent, retail, and wholesale lenders located in the United States. All rate data accurate as of Tuesday, April 26, 2024, at 7:30 a.m. ET.

30-year mortgage rate moves upward, +0.04

Today’s average 30-year fixed mortgage rate has reached 7.30 percent, marking a modest increase of 4 basis points compared to last week. Notably, just a month ago, the average rate was slightly lower, standing at 6.88 percent, showcasing recent market fluctuations.

Despite this uptick, the current rate continues to offer an opportunity for homeownership, with monthly payments of $685.57 per $100,000 borrowed in principal and interest. While this represents a slight increase of $2.72 per $100,000 from last week, it remains within a manageable range for many borrowers.

15-year mortgage rate trends upward, +0.01

The current average rate for a 15-year fixed mortgage sits at 6.71 percent, showing a slight increase of 1 basis points over the past week.

Although monthly payments for a 15-year fixed mortgage are higher, approximately $883 per $100,000 borrowed, this payment structure provides significant advantages. Despite the greater monthly commitment, borrowers can reap substantial benefits throughout the loan’s duration.

Consumers should shop around to get the best deal. Rates below national averages are available. FreeRateUpdate.com has verified fixed mortgage rates as low as 5.625% with a 5.944 APR- available in our network today.

All rate data accurate as of Tuesday, April 26, 2024, at 7:30 a.m. ET.