Mortgage interest rates have seen a slight increase today. The average interest rate for a 30-year fixed-rate mortgage is now at 6.62%, which is three basis points higher than yesterday and 19 basis points higher than a week ago. Despite this small rise, it’s important to note that lenders adjust their rates throughout the day, so changes can happen quickly in response to various factors such as inflation reports, job numbers, and global news.
If you’re waiting for rates to drop, keep an eye on the larger trend rather than daily fluctuations. Factors like the U.S. employment report released on September 5 can influence rates. Depending on the report’s findings, rates may either decrease if employment numbers are weak or increase if they are unexpectedly strong.
When it comes to shopping for a home, the right time is when you can comfortably afford a mortgage at current rates. Don’t worry too much about potentially missing out on lower rates in the future, as you can always refinance later. Focus on getting preapproved, comparing lender offers, and determining a monthly payment that fits your budget.
Average mortgage rates, last 30 days
📉 When will mortgage rates drop?
Mortgage rates are constantly changing in response to various economic factors. Factors like inflation reports, job numbers, and global news can all impact mortgage pricing. It’s important to stay informed and monitor these trends if you’re considering buying a home.
If you’re looking to refinance, consider doing so if today’s rates are significantly lower than your current rate. Refinancing can help you lower your monthly payment, shorten your loan term, or access cash from your home equity. Use tools like BW’s affordability calculator to estimate your potential savings and break-even point on refinancing costs.
🔒 Should I lock my rate?
If you’re happy with a quote you’ve received, consider locking in your mortgage rate to protect yourself from potential increases. Some lenders offer float-down options that allow you to take advantage of a better rate if the market shifts during your lock period.
Rate locks provide peace of mind during the loan processing period, especially with market fluctuations. It’s important to secure a rate that works for you and your financial situation.
🤓 Nerdy Reminder: Rates can change daily, and even hourly. If you’re satisfied with your current deal, don’t hesitate to move forward.
🔁 Should I refinance?
Refinancing can be a smart move if today’s rates are significantly lower than your current rate and you plan to stay in your home long enough to recoup closing costs. Consider your goals, whether it’s lowering your monthly payment, shortening your loan term, or accessing cash from your home equity. Use tools like BW’s refinance calculator to estimate your potential savings and break-even point.
Remember that personalized rate quotes can change until you lock in a rate. Lenders adjust pricing multiple times a day, so it’s important to stay informed and act when you find a rate that works for you.
🧐 Why is the rate I saw online different from the quote I got?
Advertised rates are typically sample rates for borrowers with ideal credit and financial situations. Your personalized quote will depend on factors like your location, property type, credit score, and overall financial profile. Even individuals with similar credit scores can receive different rates based on their specific circumstances.
👀 If I apply now, can I get the rate I saw today?
Rates can fluctuate until you lock in a rate, even with personalized quotes. Lenders adjust pricing multiple times a day in response to market changes, so it’s important to act promptly once you find a rate that meets your needs.