Mortgage Interest Rate Trends January 2024. A year ago, the rate averaged 6.79%. And prices have continued to climb.
For much of the year, the rate has gone steadily upward as the fed indicated it was willing to push rates as high as was necessary to bring inflation under control. The historical norm for mortgage interest rates since 1971 is 7.74%.
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The current mortgage interest rates forecast is for rates to embark on a gentle downward trajectory over the remainder of 2024.
While That’s A Welcome Drop From 8.01 Percent On Oct.
Buyers are getting very little, if any, relief from high borrowing costs.
Following Several Weeks Of Decline, Mortgage Rates Changed Course This Week.
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This Is The Lowest Mortgage Interest Rate In Eight Months (May 2023 Mortgage Interest Rates Were 6.57%).
And prices have continued to climb.
Rates Rose Steadily In Early Spring, Finally Breaking 7% For The First Time This Year In April And Remaining There Through Mid May.
If they can find a home, they can lock in a mortgage interest rate of 6.60% this week, down from 6.66% last week.
The Historical Norm For Mortgage Interest Rates Since 1971 Is 7.74%.