Residential Mortgage Rates

As of the week ending on April 25, 2024, the average rate for a 30-year fixed-rate mortgage is reported at approximately 7.877%. It’s important to note that these rates have seen some fluctuations, and various factors including economic conditions and the borrower’s credit profile influence the final rate offered. For those considering refinancing, the average rate for a 30-year fixed-rate refinance loan has slightly increased to about 8.425%​​.

Mortgage rates are significantly influenced by economic factors, personal financial details of the borrower, and the specific conditions of the mortgage market at the time. For instance, someone with a strong credit score and a substantial down payment might secure a lower rate, while those with lower credit scores or smaller down payments might face higher rates​​.

If you’re thinking of securing a mortgage or refinancing your current one, it would be beneficial to compare rates from multiple lenders to find the best deal for your situation. As of April 30, 2024, the housing market is showing signs of resilience and growth in certain areas despite ongoing challenges like high mortgage rates and affordability issues. Key insights include:

• Home sales have seen a mix of increases and decreases depending on the region. Nationally, existing home sales have improved month-over-month but are still below the levels from the previous year. New home sales show slight growth compared to the previous year, indicating a shift where more buyers are opting for new homes due to the low supply of existing homes​ (Freddie Mac – We Make Home Possible)​.

• The National Association of Realtors (NAR) forecasts a significant increase in existing-home sales to 4.71 million for 2024, which is up from the previous year. This growth is expected to be concentrated in markets with high demand such as Austin, Texas, which is noted as a top market to watch due to pent-up housing demand​ (http://www.nar.realtor)​.

• Mortgage rates have remained steady with an average of around 6.8% as of March, impacting both buying and refinancing activities. Although this presents challenges, there’s an uptick in both refinance activity and purchase applications as the market adapts to these conditions​ (Freddie Mac – We Make Home Possible)​.

Overall, while the housing market faces headwinds from higher rates and price pressures, certain regions are experiencing growth, and there’s a general sense of cautious optimism as the market adapts to the economic landscape of 2024.

https://www.youtube.com/watch?v=LYQgJlwKskc

Here is a link about an economist aggressively forecasting mortgage rates will drop under 4% in 2024. Could 2024 be a bull market for loan officers? Out of 150,000 loan officers, close to 100,000 either left the mortgage industry completely, retired early, or let their NMLS licenses expire and are in a different industry or thinking about going into a different industry. Hundreds if not thousands of mortgage companies, whether they are mortgage bankers, correspondent lenders, or mortgage brokers went out of business in 2023

https://youtu.be/aWePq5–Seg?si=L2Q_8ad8MFchhyuK

Mortgage Rates forecasted to plummet under 3% according to Business Insider Economis

https://www.businessinsider.com/fed-rate-cut-outlook-economy-recession-forecast-2024-inflation-ubs-2023-12

businessinsider.com

The Fed will lower interest rates under 3% as a mild recession leads to a 'soggy 2024,' UBS chief economist says

"We think we're going to end up with a relatively soggy 2024 when we look back at the end of next year."

HOW MORTGAGE BROKERS CALCULATE INCOME AND RATES?

How Credit Scores Impact Mortgage Rates On Conventional Loans?

How can I get a home loan with low mortgage rates? How do lenders price mortgage rates? What are the step by step process on how mortgage lenders price mortgage rates on conventional and government loans and non-QM loans?

This is a frequently asked question from many real estate agents on behalf of their homebuyers. There are more and more homebuyers with bad credit than ever before. Many homebuyers with bad credit think they are the worst of the food chain and should not shop for the best mortgage rates. However, mortgage lenders today are starving for business and will work with bad credit borrowers in getting them the best rates. I just saw this guide on can you shop for the best mortgage rates with bad credit and I wanted to share this with everyone. It does make sense. By shopping for a mortgage with the best rates means getting a mortgage with bad credit with low credit scores with no discount points. Discount points are a total waste of money and you will never recoup discount points even on a refinance later when mortgage rates drop.

https://gcaforums.com/shopping-for-best-rates/

When is a good time to refinance if you have a 7.5% rate on FHA loan? I heard mortgage rates are dropping lower.