{"id":48594,"date":"2023-01-30T14:56:16","date_gmt":"2023-01-30T14:56:16","guid":{"rendered":"http:\/\/www.brandon.ddtest.info\/multisite-test\/mortgage-rates-tick-up-slightly-to-6-49-mortgages-and-advice\/"},"modified":"2023-01-30T14:56:16","modified_gmt":"2023-01-30T14:56:16","slug":"mortgage-rates-tick-up-slightly-to-6-49-mortgages-and-advice","status":"publish","type":"post","link":"http:\/\/www.brandon.ddtest.info\/multisite-test\/mortgage-rates-tick-up-slightly-to-6-49-mortgages-and-advice\/","title":{"rendered":"Mortgage Rates Tick Up Slightly to 6.49% | Mortgages and Advice"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"ad-in-text-target\">\n<div class=\"Raw-slyvem-0 bCYKCn\">\n<p>The 30-year fixed <a href=\"https:\/\/money.usnews.com\/loans\/mortgages\/mortgage-rates\">mortgage rate<\/a> rose slightly this week to 6.49%, from 6.46% a week ago. Even with this increase, the average rate for this home loan product remains near its lowest level in four months. Rates ticked up for longer-term fixed-rate mortgage products, while adjustable rates and short-term fixed rates continued to trend downward. <\/p>\n<\/div>\n<div class=\"Raw-slyvem-0 bCYKCn\">\n<p>Here are the current mortgage interest rates, without discount points unless otherwise noted, as of Jan. 26:<\/p>\n<\/div>\n<p><react-trigger trigger=\"view\"><\/p>\n<div class=\"ArticleBodyRawList__ListContainer-sc-18hlulv-0 dbATXA\">\n<ul>\n<li><b>30-year fixed: 6.49% <\/b>(up from 6.46% a week ago).<\/li>\n<li><b>20-year fixed: 6.54% <\/b>(up from 6.53% a week ago).<\/li>\n<li><b>15-year fixed: 5.65% <\/b>(down from 5.72% a week ago).<\/li>\n<li><b>10-year fixed: 5.75% <\/b>(down from 5.88% a week ago).<\/li>\n<li><b>5\/1 ARM: 5.37% <\/b>(down from 5.44% a week ago).<\/li>\n<li><b>7\/1 ARM:<\/b> <b>5.44% <\/b>(down from 5.52% a week ago).<\/li>\n<li><b>10\/1 ARM:<\/b> <b>5.86% <\/b>(down from 5.92% a week ago).<\/li>\n<li><b>30-year jumbo loans:<\/b> <b>6.53% <\/b>(up from 6.46% a week ago).<\/li>\n<li><b>30-year FHA loans:<\/b> <b>5.79% with 0.06 point <\/b>(up from 5.76% a week ago).<\/li>\n<li><b>VA purchase loans: 5.92% with 0.05 point <\/b>(up from 5.91% a week ago).<\/li>\n<\/ul>\n<\/div>\n<p><\/react-trigger><\/p>\n<div class=\"ImageCaptioned-sc-1yr50o7-4 gUcyXc mt5 mb5\">\n<div class=\"ImageCaptioned__ImageBox-sc-1yr50o7-1 gooiWq mb4\">\n<div class=\"ImageCaptioned__AspectRatioInner-sc-1yr50o7-2 hRKaKt\"><picture class=\"Image__Picture-sc-412cjc-0 hRvayO\"><source srcset=\"https:\/\/www.usnews.com\/object\/image\/00000185-8261-d46e-a5bf-afe3202f0000\/mortgage-rates-past-year.png?update-time=1674741603748&amp;size=responsiveFlow970\" data-srcset=\"https:\/\/www.usnews.com\/object\/image\/00000185-8261-d46e-a5bf-afe3202f0000\/mortgage-rates-past-year.png?update-time=1674741603748&amp;size=responsiveFlow970\" media=\"(min-width: 640px)\"\/><img width=\"100%\" src=\"https:\/\/www.usnews.com\/object\/image\/00000185-8261-d46e-a5bf-afe3202f0000\/mortgage-rates-past-year.png?update-time=1674741603748&amp;size=responsiveFlow640\" class=\"Image__PictureImage-sc-412cjc-1 iOwHPF Image-sc-412cjc-2 ImageCaptioned__FWImage-sc-1yr50o7-0 kQDDcT dWGFAr\"\/><\/picture><\/div>\n<\/div>\n<p class=\"Paragraph-sc-1iyax29-0 Caption__Wrapper-bee4ah-0 lbGMQc koepFU\"><span class=\"Credit__Container-lfa4w-6-span Credit__SpanContainer-lfa4w-7 dsEOlb Caption__CreditExposed-bee4ah-2 hBaTP Caption__CreditExposed-bee4ah-2 hBaTP\"><span color=\"#515767\" size=\"2\" class=\"Span-sc-19wk4id-0 Credit__Target-lfa4w-8 jswYky gMxtXD\"><svg role=\"img\" fill=\"#515767\" width=\"1.5rem\" height=\"1.5rem\" class=\"Icon-sc-9wq8ul-0 Credit__CameraIconExposed-lfa4w-1 hiHdJZ bXHhQo\"><use xlink:href=\"#camera\" filter=\"0\"\/><\/svg>Erika Giovanetti<\/span><\/span><\/p>\n<\/div>\n<p><react-trigger trigger=\"view\"\/><\/p>\n<div data-contains-quote=\"true\" class=\"Raw-slyvem-0 bCYKCn\">\n<blockquote class=\"cms-custom-quote\"><p>\n \u201dMortgage rates ticked up this week &#8230; as the market jockeys for position ahead of next week\u2019s updates on monetary policy and the labor market.&#8221;\n<\/p><\/blockquote>\n<\/div>\n<div class=\"Raw-slyvem-0 bCYKCn\">\n<p class=\"cms-textAlign-right\">\u2014 Orphe Divounguy, senior macroeconomist at Zillow<\/p>\n<\/div>\n<div class=\"Raw-slyvem-0 bCYKCn\">\n<p>As mentioned in our <a href=\"https:\/\/money.usnews.com\/loans\/mortgages\/articles\/2023-mortgage-rate-forecast\">2023 mortgage forecast<\/a>, weekly and monthly movement in interest rates this year will be fueled by the Federal Reserve&#8217;s perceived reaction to incoming economic data. Rates are likely to rise if investors believe the Fed will sustain its tight monetary policy, and they&#8217;re likely to fall if policymakers slow or reverse the direction of benchmark rate hikes. <\/p>\n<\/div>\n<div class=\"Raw-slyvem-0 bCYKCn\">\n<p>With inflation coming down and persistent labor market strength, &#8220;the risk of a recession may be waning,&#8221; Divounguy says. It&#8217;s already anticipated that the Fed will increase rates at a slower rate in the coming months, but the central bank may not lower rates anytime soon if the economy is strong.<\/p>\n<\/div>\n<div class=\"Raw-slyvem-0 bCYKCn\">\n<p>&#8220;All that said, the outlook for rates remains cloudy,&#8221; Divounguy continues. &#8220;Indeed, data released this week from the Conference Board and the S&amp;P Global Flash US PMI Composite Output Index suggest that a recession is still very much a possibility.&#8221;<\/p>\n<\/div>\n<div class=\"Raw-slyvem-0 bCYKCn\">\n<p>If the U.S. economy does enter a recession this year, the Fed is more likely to loosen its monetary policy, which would <a href=\"https:\/\/money.usnews.com\/loans\/mortgages\/articles\/mortgage-market-news-jan-19-2023\">cause rates to decline<\/a>. That&#8217;s the base case for the remainder of 2023, but there&#8217;s always the chance that economic conditions improve \u2013 which could motivate the Fed to stay its course, resulting in elevated mortgage rates.<\/p>\n<\/div>\n<p><react-trigger trigger=\"view\"\/><\/p>\n<p><h2>Indicator of the Week: Mortgage Affordability Improves<\/h2>\n<\/p>\n<div class=\"Raw-slyvem-0 bCYKCn\">\n<p>Higher monthly mortgage payments \u2013 as a result of rising interest rates \u2013 plagued <a href=\"https:\/\/money.usnews.com\/loans\/mortgages\/articles\/mortgage-market-news-dec-29-2022\">the housing market in 2022<\/a>. But at the close of the year, homebuyers enjoyed some relief as mortgage rates fell slightly from their peak.<\/p>\n<\/div>\n<div class=\"Raw-slyvem-0 bCYKCn\">\n<p>The median monthly payment among mortgage applicants fell to $1,920 in December, according to the <a href=\"https:\/\/newslink.mba.org\/mba-newslinks\/2023\/january\/mba-newslink-thursday-jan-26-2023\/mortgage-application-payments-fall-2-9-to-1920-in-december\/\" target=\"_blank\" rel=\"noopener\">Mortgage Bankers Association<\/a>. That&#8217;s down from the record high of $2,012 seen in October, when the 30-year fixed mortgage rate abruptly eclipsed 7%. <\/p>\n<\/div>\n<div class=\"ImageCaptioned-sc-1yr50o7-4 gUcyXc mt5 mb5\">\n<div class=\"ImageCaptioned__ImageBox-sc-1yr50o7-1 gooiWq mb4\">\n<div class=\"ImageCaptioned__AspectRatioInner-sc-1yr50o7-2 hRKaKt\"><picture class=\"Image__Picture-sc-412cjc-0 hRvayO\"><source srcset=\"https:\/\/www.usnews.com\/object\/image\/00000185-ee80-d400-a385-fee422f10000\/new-mortgage-payments-in-2022.png?update-time=1674743706562&amp;size=responsiveFlow970\" data-srcset=\"https:\/\/www.usnews.com\/object\/image\/00000185-ee80-d400-a385-fee422f10000\/new-mortgage-payments-in-2022.png?update-time=1674743706562&amp;size=responsiveFlow970\" media=\"(min-width: 640px)\"\/><img width=\"100%\" src=\"https:\/\/www.usnews.com\/object\/image\/00000185-ee80-d400-a385-fee422f10000\/new-mortgage-payments-in-2022.png?update-time=1674743706562&amp;size=responsiveFlow640\" class=\"Image__PictureImage-sc-412cjc-1 iOwHPF Image-sc-412cjc-2 ImageCaptioned__FWImage-sc-1yr50o7-0 kQDDcT dWGFAr\"\/><\/picture><\/div>\n<\/div>\n<p class=\"Paragraph-sc-1iyax29-0 Caption__Wrapper-bee4ah-0 lbGMQc koepFU\"><span class=\"Credit__Container-lfa4w-6-span Credit__SpanContainer-lfa4w-7 dsEOlb Caption__CreditExposed-bee4ah-2 hBaTP Caption__CreditExposed-bee4ah-2 hBaTP\"><span color=\"#515767\" size=\"2\" class=\"Span-sc-19wk4id-0 Credit__Target-lfa4w-8 jswYky gMxtXD\"><svg role=\"img\" fill=\"#515767\" width=\"1.5rem\" height=\"1.5rem\" class=\"Icon-sc-9wq8ul-0 Credit__CameraIconExposed-lfa4w-1 hiHdJZ bXHhQo\"><use xlink:href=\"#camera\" filter=\"0\"\/><\/svg>Erika Giovanetti<\/span><\/span><\/p>\n<\/div>\n<div class=\"Raw-slyvem-0 bCYKCn\">\n<p>However, this pullback in monthly payments has everything to do with interest rates and little to do with home prices. The average home price among mortgage applicants in December was $300,000, an increase of nearly $3,000 from the month prior. But in the coming months, home prices <a href=\"https:\/\/money.usnews.com\/loans\/mortgages\/articles\/mortgage-market-news-jan-5-2023\">are expected to slow<\/a> or even fall in some regional markets. <\/p>\n<\/div>\n<div class=\"Raw-slyvem-0 bCYKCn\">\n<p>&#8220;With inflation cooling slightly, MBA expects both mortgage rates and home-price growth to soften, which along with cooling inflation, should help bring more prospective buyers into the market during the spring homebuying season,&#8221; says Edward Seiler, associate vice president of housing economics at MBA.<\/p>\n<\/div>\n<div class=\"Raw-slyvem-0 bCYKCn\">\n<p>Take this example: If a buyer purchased a $350,000 home with a 20% down payment in October at a 7% mortgage rate, the monthly principal and interest payment would be $1,863. If rates fall below 6% in the spring as many forecasters predict, let&#8217;s say to 5.75%, that monthly payment for the same home price would be $1,634. And if the buyer is also able to negotiate the home price down by 10%, the payment would fall further to $1,471.<\/p>\n<\/div>\n<div class=\"Raw-slyvem-0 bCYKCn\">\n<p>Falling home prices and lower mortgage rates have the potential to save borrowers hundreds of dollars on their monthly mortgage payments, which could bring more prospective homebuyers to the table. And while home sales are expected to improve slightly from the lows seen in the past few months, activity in the market will likely <a href=\"https:\/\/money.usnews.com\/loans\/mortgages\/articles\/mortgage-market-news-dec-22-2022\">continue to be stifled<\/a>. With less competition, some buyers, particularly first-time homebuyers, may see this as an incentive to come off the sidelines in 2023. <\/p>\n<\/div>\n<p><react-trigger trigger=\"view\"\/><react-trigger trigger=\"view\"\/><\/div>\n\n<br \/><a href=\"https:\/\/news.google.com\/__i\/rss\/rd\/articles\/CBMiUmh0dHBzOi8vbW9uZXkudXNuZXdzLmNvbS9sb2Fucy9tb3J0Z2FnZXMvYXJ0aWNsZXMvbW9ydGdhZ2UtbWFya2V0LW5ld3MtamFuLTI2LTIwMjPSAQA?oc=5\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 30-year fixed mortgage rate rose slightly this week to 6.49%, from 6.46% a week ago. Even with this increase, the average rate for this home loan product remains near its lowest level in four months. Rates ticked up for longer-term fixed-rate mortgage products, while adjustable rates and short-term fixed rates continued to trend downward. &hellip;<\/p>\n","protected":false},"author":1,"featured_media":48595,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[161],"tags":[],"_links":{"self":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/48594"}],"collection":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/comments?post=48594"}],"version-history":[{"count":0,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/48594\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media\/48595"}],"wp:attachment":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media?parent=48594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/categories?post=48594"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/tags?post=48594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}