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11mo ago

Mortgage Rates Stabilize After Recent Declines Across Key Terms

As of May 8, 2024, mortgage rates for 30-year and 15-year fixed terms have steadied, reflecting a brief respite in a period of volatile financial markets.

If you expected lower mortgage rates to make buying a home slightly cheaper in spring 2024, consider your hopes dashed, experts say.
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Overview

  • 30-year fixed mortgage rates have settled around 7.06%, showing minimal change after a period of decline.
  • 15-year fixed mortgage rates remain steady, with minor fluctuations noted across different lenders.
  • Refinancing rates have shown mixed results, with some terms experiencing slight increases while others hold stable.
  • The Federal Reserve's decision to maintain current interest rates influences ongoing mortgage rate trends.
  • Mortgage rate variations continue across states, influenced by local economic conditions and lender competition.