The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) rose by 12bps to 7.13% in the week ended April 12th, 2024, reaching the highest level since early December, according to data from the Mortgage Bankers Association. The rate for jumbo loans, or the 30-year mortgage for homes sold for over $766,550, was 7.4%, up from 7.13% the previous week. The average rate for a 30-year mortgage backed by the Federal Housing Administration was 6.9%, up from 6.8%. “Despite these higher rates, application activity picked up, possibly as some borrowers decided to act in case rates continue to rise,” Joel Kan, vice president and deputy chief economist at the MBA, said. source: Mortgage Bankers Association of America
Fixed 30-year mortgage rates in the United States averaged 7.13 percent in the week ending April 12 of 2024. Mortgage Rate in the United States averaged 6.04 percent from 1990 until 2024, reaching an all time high of 10.56 percent in April of 1990 and a record low of 2.85 percent in December of 2020. This page provides the latest reported value for - United States MBA 30-Yr Mortgage Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States MBA 30-Yr Mortgage Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2024.
Fixed 30-year mortgage rates in the United States averaged 7.13 percent in the week ending April 12 of 2024. Mortgage Rate in the United States is expected to be 6.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.