Mortgage rates and mortgage demand go hand in hand. Luckily, for those who are looking forward to getting a mortgage loan in 2023 rates have gone down. They have not been so low since September 2022. Homebuyers are taking advantage of this and they want to get one as soon as possible. Otherwise, they could get a more expensive rate if inflation goes up again.
Unfortunately, not all mortgage rates went down. Besides, the percentage it went down is not that big either. However, if it is a 30-year fixed mortgage rate, it will imply saving dollars which is always great. For instance, it went down to 6.63% according to Bankrate. Previously these mortgage rates were 6.81%. The good news is that this seems to be the tendency in 2023. They will keep falling throughout the year.
What are the current mortgage interest rates?
According to Bankrate, its evolution from last week is as goes. The main three 30-year loans went down slightly. The 30-year FHA with 0.06 point was 5.99 last week. It is now 5.85. The thirty-year jumbo loan went from 6.85% to 6.63%. The last 30-year loan, the fixed loan, is 6.63% and it was previously 6.81%.
The VA purchase loans is 6% with 0.05 point and it also went down since it was 6.03% last week. Moving on to the 20-year fixed loans, you can see that this one went up. It was 6.44% last week while it has reached 6.68 this one. The following mortgage rate that also went up is the 10-year fixed one. Last week, it was 6.01% but it increased to 6.07%.
What other mortgages have gone down?
Apart from the aforementioned mortgages that are cheaper now, the 15-year fixed one has a lower rate too. It is 5.95% while it was 5.96 last week. It is true that it is not a significant difference. Moreover, 7/1 ARM rates dropped as well. It was 5.62% while it is 5.61 now. The 10/1 ARM was 6.02% and is down to 5.98%.
Unlike the two previous ones, 5/1 ARM went up to 5.51%. So, depending on the mortgage you choose or have, you might spend more or less money each month. Therefore, to see how it can affect you, check a mortgage calculator to work out how much you pay in total. In this way, you can have a much clearer idea of what it implies.