Mortgage Rates For January 8, 2024: Rates remaining level for now, trending downwards month-over-month
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Whether you’re beginning to consider home ownership, weighing the pros and cons of accessing home equity, or refinancing your home it can benefit you to look at subtler, day-to-day changes in the average interest rate. When you look at the averages week-to-week, and month-to-month you’ll be able to discover overall patterns in the market – sometimes even based on weather (less people want to move in wintry conditions).
30-year mortgage interest rates -0.01%
The average daily mortgage interest rate for Monday, January 8, 2024 is 6.74% for a 30 year fixed rate. The rate fell 0.01% from the last update on January 5, 2024 and 0.35% from December 2023. This information is sourced daily from correspondent, retail, and wholesale lenders located in the United States.
15-year mortgage interest rates -0.03%
The average daily mortgage interest rate for Monday, January 8, 2024 is 6.00% for a 15 year fixed rate. The rate fell 0.03% from the last update on January 5, 2024 and 0.50% from December 2023. This information is sourced daily from correspondent, retail, and wholesale lenders located in the United States.
Prospective Homebuyers: Why Should You Watch Daily Average Mortgage Interest Rates?
As a prospective homebuyer, the interest rate you secure on your mortgage is a critical part of how much you will owe on your home. You and your real estate agent should be aware of overall trends in rates, which are affected by large-scale machinations such as the state of the economy and where the Federal Reserve has set their rates as a result.
The Fed doesn’t set mortgage rates – individual banks do that – but banks generally adjust based upon the Fed funds rate.
Factors such as average wages and employment do impact where the rates are set and what each bank is going to be able to provide as the best possible interest rate for new homeowners or existing homeowners with the collateral of property already owned.
When we talk about market changes, we’re looking at the broader real estate market and how that affects the interest rate. This also means looking at your local real estate market to see where trends are going. This is more related to the supply and demand of housing.
When economic growth is higher (along with average wages, and high levels of employment), more people are likely to borrow and initiate a loan, making the market more competitive.
Lastly, as you experience economic conditions such as inflation or pay attention to the bond market, you’ll notice their effects on the housing market. Watching daily average mortgage interest rates can help you combine these large-scale factors with local market conditions, season, and other micro factors affecting interest rates available to you. Ideally, you can hit the sweet spot by finding a low daily average mortgage interest rate when your credit score is most fit and conditions are otherwise right for you to move.
