Mortgage Rates for April 29, 2024: Growth in Home Sales
Today’s mortgage rates slightly increase in 30-year fixed, 15-year fixed, 5/1 ARM, while jumbo loans rates decrease, according to bankrate.com. The housing market is currently experiencing a balancing act between buyer enthusiasm and economic conditions. NAR chief economist Lawrence Yun’s statement in a press release underscores the essential elements required for substantial expansion in home sales: a decline in mortgage rates and an increase in inventory.
Nevertheless, the steady flow of pending home sales is a positive indicator amidst economic challenges. It suggests an underlying demand in the housing market, which could translate into more robust growth once the conditions align favorably.
| Loan Type | Today’s Rate | Last Week’s Rate | Change |
| 30 Yr. Fixed | 7.32 | 7.29 | +0.03 |
| 15 Yr. Fixed | 6.75 | 6.74 | +0.01 |
| 30 Yr. Jumbo | 7.37 | 7.38 | -0.01 |
| 5/1 ARM | 6.70 | 6.68 | +0.02 |
These rates are marketplace averages. Actual rates available on-site may vary. This information is sourced daily from bankrate.com correspondents, retail, and wholesale lenders located in the United States. All rate data accurate as of Tuesday, April 29, 2024, at 7:30 a.m. ET.
30-year mortgage rate moves upward, +0.03
Today’s average 30-year fixed mortgage rate has reached 7.32 percent, marking a modest increase of 3 basis points compared to last week. Notably, just a month ago, the average rate was slightly lower, standing at 6.92 percent, showcasing recent market fluctuations.
Despite this uptick, the current rate continues to offer an opportunity for homeownership, with monthly payments of $686.93 per $100,000 borrowed in principal and interest. While this represents a slight increase of $2.04 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 6.75 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 $885 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 5.49% with a 5.841 APR- available in our network today.
All rate data accurate as of Tuesday, April 29, 2024, at 7:30 a.m. ET.
