Average Mortgage Rates
The type of mortgage (fixed or adjustable), its term (20 or 30 years), any discount points given, and the interest rates at the time will all affect how much you have to pay for a mortgage. It is wise to compare interest rates from different lenders and from week to week. In 2020 and 2021, mortgage rates hit all-time lows, the lowest they had been in nearly 50 years. Between April 2020, which is considered to be the beginning of the pandemic, to January 2022, the 30-year rate average fluctuated below 3.50%, with a final low of 2.65%. However, mortgage rates have soared in 2022 and 2023, breaking previous records in the opposite direction. In October 2022, the 30-year average crossed the 7% mark for the first time. This October, it was closer to 8% and hit a 23-year top reading of 7.79%.
As of November 2023, typical interest rates looked like this, according to the Federal Home Loan Mortgage Corp.
Fixed-rate mortgage for 30 years: 7.76%
Fixed-rate mortgage for 15 years: 7.03%
The benchmark 30-year fixed mortgage’s average interest rate as of Sunday, January 07, 2024, is 7.09%, which is 14 basis points higher than it was last week. The current national average interest rate for homes wishing to obtain a refinance is 7.23% for a 30-year fixed loan, which is an increase of 14 basis points from the previous week. At 6.43%, the national 15-year refinancing interest rate is higher than it was a week ago by 12 basis points.
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