Weekly Mortgage Update April 5th, 2023 Key Mortgage Rates Shift & What It Means for Homebuyers
Hello everyone! Your favorite real estate agent is back with the latest mortgage updates that could impact your home-buying journey. This week, we have some noteworthy changes in the mortgage landscape that you should be aware of. Let’s explore these shifts and see how they affect your decision to buy or refinance.
Key Mortgage Rate Changes: Good News for Homebuyers
If you’re looking to buy a house, there’s some good news! Over the last week, both 15-year and 30-year fixed mortgage rates have dropped by more than a tenth of a percentage point. This decrease can translate to significant savings in interest payments over the life of your loan.
A Caution for 5/1 Adjustable-Rate Mortgage Seekers
However, if you’re considering a 5/1 adjustable-rate mortgage (ARM), rates have slightly trended upward. Make sure to weigh the pros and cons of an ARM before making a decision, especially in the current market environment.
A Snapshot of Current Mortgage Rates
Let’s take a closer look at today’s mortgage rates:
- 30-year fixed mortgage rate: 6.37%
- 30-year FHA loan: 5.87%
- 30-year jumbo loan: 5.95%
- 30-year VA loan: 5.96%
- 15-year fixed rate (for shorter-term loans): 5.81%
- 5/1 ARM rate: 6.60%
Keep in mind that these rates are higher than last year, so purchasing a home is a bit more expensive now.
Planning to Buy or Refinance? Consult a Professional
If you’re planning to buy or refinance, keep a close eye on these mortgage rates. It’s crucial to consult with a professional to help you make the best decision for your financial situation.
Need Advice? Reach Out for Help
Don’t hesitate to reach out if you need advice or assistance. As your trusted real estate agent, I’m always here to help you navigate the ever-changing mortgage landscape.