Mortgage Rates For January 11, 2024: What Is the Best Time of Year to Buy a Home?
Written By
If you have some flexibility in when you need or want to move into your new home, we’ve got some good news for you: purchasing a home in winter months could mean you pay less for your home overall.
This is especially ideal for people who have flexible purchasing situations:
- You’re not dependent on one home to sell before you move in another
- You’re currently renting on a month-to-month lease, living with family members, or are in a roommate situation
- You are a remote worker, so location matters less
Today’s 30-year mortgage interest rates
The average daily mortgage interest rate for Thursday, January 11, 2024 is 6.72% for a 30 year fixed rate. The rate fell 0.06% from the last update on January 5, 2024 and 0.38% from December 2023. This information is sourced daily from correspondent, retail, and wholesale lenders located in the United States.
Today’s 15-year mortgage interest rates
The average daily mortgage interest rate for Thursday, January 11, 2024 is 6.00% for a 15 year fixed rate. The rate fell 0.05% 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.
Why is it better to buy a home in winter?
As long as average mortgage interest rates don’t spike, buying a home in winter is a good way to save money when you’re purchasing a home. Think about how busy most people are around the holidays – and in a competitive market, other prospective homebuyers are putting off their search for a house until after the holidays, waiting on an April income tax return to put towards a down payment, and deterred by the possibility of cold, inclement weather. In short, less shoppers means less competition for you.
Winter is also a better market for buyers in general, especially in a cool market. Sellers are more likely to incentivize a decision by lowering prices on homes that didn’t sell during summer and fall (these are called “stale listings”). You could also potentially negotiate on closing costs to save money during the process.
Homes also tend to close a bit faster in the winter. That’s because home sales are slower, so it’s easier to coordinate with real estate agents, mortgage brokers and all parties involved when it comes to showing, buying, and closing on the home. Lastly, your move process can be easier as long as it doesn’t snow on the day of your move – that’s because movers have more availability during these slower winter months.
