Freddie Mac says that the 30 year average mortgage rate for the week remained steady at 6.58%. The high for the year was at 7.04% reached in early January. The current rate is at the low for the year.
In 2024, the the lowest mortgage rate reached 6.09% the range since September 2022 has been between 6.09% and 7.79%. With most of the time capped at 7.22%.
Below is the impact on a standard 30-year fixed (P&I only) for the average priced $422,000 home if rates fell by 50 basis points:
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If you finance the full $422,000:
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With 20% down (loan = $337,600):
Rule of thumb: A 0.50% rate drop around these levels cuts the payment by about $32.6 per month per $100,000 of loan.
