Freddie Mac’s latest report brings good news for potential #homebuyers - #mortgagerates are on the decline this week, making #homeownership more accessible. As the economy stabilizes, rates hover just below seven percent, with a gradual expected decrease throughout 2024.
30-year Fixed-Rate Mortgages:
• Last week's: 6.99% ⬇
• Current average: 6.95%
• One year ago: 6.69% ⬆
15-year Fixed-Rate Mortgages:
• Last week's average: 6.29% ⬇
• Current average: 6.17%
• One year ago: 6.10% ⬆
Shelter inflation, however, remains a challenge, emphasizing the ongoing struggle for housing affordability. As reported by Zillow, the value of a typical home in the U.S. was $360,310 in May and at 6.95% for a 30-year fixed rate mortgage, the typical monthly mortgage payment - principal, interest, PMI, insurance and real estate taxes - is outlined below, based on down payment:
• 5% down ($18,016) - $2,846
• 10% down ($36,031) - $2,669
• 20% down ($72,062) - $2,271
Empowering Women in the Real Estate Market is Our Goal!
Let’s keep an eye on these trends!