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Most rates fall - Current mortgage rates for April 3rd, 2024

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Mortgage interest rates were mostly lower compared to a week ago, according to data collected by Bankrate. Average rates for 30-year fixed, 15-year fixed and jumbo mortgages each declined, while rates for adjustable rate mortgages rose.

While mortgage rates are still on track to gradually come down this year, the path might be bumpy. Lenders price mortgages based on many variables, but overall, fixed mortgage rates follow the 10-year Treasury yield, which moves as investor appetite fluctuates with the state of the economy and Federal Reserve decisions.

The Fed indicated it'd cut rates in 2024, but policymakers held off at its latest meeting, citing the need for more promising economic data. The Fed has been working to bring inflation back to its 2 percent target since 2022.

“The Fed is not in a hurry to start cutting interest rates as the progress toward 2 percent inflation has encountered some turbulence,” says Greg McBride, CFA, chief financial analyst for Bankrate.

The next opportunity for a Fed cut comes in May, the height of the spring homebuying season.

Whether mortgage rates move up or down, though, it’s tough to time the market. Often, the decision to buy a home comes down to needs. Depending on your situation, it might make sense to take a higher rate now and hope to refinance later — buying a home at today’s prices rather than a higher price in the future, while building equity that much sooner.

Loan type Today's rate Last week's rate Change
30-year fixed 6.92% 6.97% -0.05
15-year fixed 6.37% 6.48% -0.11
5/1 ARM 6.73% 6.66% +0.07
30-year fixed jumbo 7.11% 7.12% -0.01

Rates accurate as of April 3, 2024.

The rates listed here are averages based on the assumptions here. Actual rates available within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Wednesday, April 3rd, 2024 at 7:30 a.m.

30-year mortgage retreats, -0.05%

Today's average rate for the benchmark 30-year fixed mortgage is 6.92 percent, a decrease of 5 basis points from a week ago. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 7.03 percent.

At the current average rate, you'll pay $659.94 per month in principal and interest for every $100,000 you borrow. That's $3.35 lower, compared with last week.

There are several benefits to choosing a fixed-rate mortgage , including predictable mortgage payments.

Learn more: What is a fixed-rate mortgage and how does it work?

15-year mortgage rate trends down, -0.11%

The average rate for a 15-year fixed mortgage is 6.37 percent, down 11 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $864 per $100,000 borrowed. The bigger payment may be a little more difficult to find room for in your monthly budget than a 30-year mortgage payment, but it comes with some big advantages: You'll save thousands of dollars over the life of the loan in total interest paid and build equity much more rapidly.

5/1 adjustable rate mortgage increases, +0.07%

The average rate on a 5/1 ARM is 6.73 percent, ticking up 7 basis points over the last 7 days.

Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These types of loans are best for people who expect to sell or refinance before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.

While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.

Monthly payments on a 5/1 ARM at 6.73 percent would cost about $647 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan's terms.

Jumbo mortgage drops, -0.01%

The average rate for a 30-year jumbo mortgage is 7.11 percent, a decrease of 1 basis point since the same time last week. Last month on the 3rd, the average rate on a jumbo mortgage was below that at 7.04 percent.

At today's average jumbo rate, you'll pay a combined $672.71 per month in principal and interest for every $100,000 you borrow. That's lower by $0.67 than it would have been last week.

Refinance rates

30-year fixed-rate refinance goes up, +0.02%

The average 30-year fixed-refinance rate is 6.93 percent, up 2 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was higher at 7.05 percent.

At the current average rate, you'll pay $660.61 per month in principal and interest for every $100,000 you borrow. That's an increase of $1.34 over what you would have paid last week.

Where are mortgage rates heading?

With inflation still above the Fed’s 2 percent goal and the job market holding strong, policymakers refrained from cutting rates at the central bank’s latest meeting. That could change later this year, as the Fed still expects to slash rates three times in 2024.

Keep in mind: The rates on 30-year mortgages mostly follow the 10-year Treasury, which shifts continuously as economic conditions dictate, while the cost of variable-rate home loans mirror the Fed’s moves.

These broader factors influence overall rate movement. As a borrower, you could be quoted a higher or lower rate compared to the trend.

What these rates mean for you and your mortgage

While mortgage rates change daily, it’s unlikely we’ll see rates back at 3 percent anytime soon. If you’re shopping for a mortgage now, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.

Keep in mind: You could save thousands over the life of your mortgage by getting at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.

"All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming," says Mark Hamrick, senior economic analyst for Bankrate. "But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”

More on current mortgage rates


Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).

The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.

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