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Mortgage interest rates remained nearly flat as the new year began. After mortgage rates dropped incrementally for 9 weeks, they increased a hair to 6.62% from 6.61%. The weekly change in mortgage rates does not yield a meaningful change in what the typical monthly mortgage payment would be for a $400,000 home, just $2 per month—a payment of $2,048 (The median NAR existing-home price was $387,600 in November and the median new sales price was $434,700).
The overall trajectory of mortgage interest rates in 2024 is expected to decrease. While mortgage interest rates ease, there will be weekly shifts in the average rate. As home buyers move forward into the spring market, staying closely attuned with the mortgage broker can help them navigate the best rate. Additionally, buyers’ personal financials do influence the mortgage interest rate they will have—working on their debt-to-income ratio and credit score can help.
