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Mortgage Rates Hold Steady: What Homebuyers Need to Know

Writer's picture: Neil CaronNeil Caron

As of January 30, 2024, the average 30-year fixed-rate mortgage stands at 6.95%, marking a slight dip from last week’s 6.96%, according to Freddie Mac. While the change is minimal, it signals a continued stabilization in mortgage rates after hitting a high of 7.04% earlier this month. Compared to this time last year, when the average rate was 6.63%, rates remain elevated but within a relatively steady range.

For buyers considering a 15-year fixed-rate mortgage, the current average is 6.12%, down from 6.16% last week. One year ago, the 15-year rate was slightly lower at 5.94%.


What Does This Mean for Homebuyers?


Freddie Mac’s Chief Economist Sam Khater notes that mortgage rates have fluctuated between 6% and 7% for the past two and a half years. While the recent decline is encouraging, affordability challenges remain due to high interest rates and a persistent shortage of available homes.

For many buyers, navigating today’s mortgage landscape requires careful planning and preparation. Whether you’re a first-time buyer or looking to refinance, staying informed on market trends is crucial.

ReadySetLoan can help you stay up to date!




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