Today’s mortgage and refinance rates: January 15, 2023 | Rates remain slightly elevated
Mortgage and refinance rates January 15 2023
Mortgage rates were slightly elevated today, on average, but didn’t move enough to suggest anything more than normal day-to-day volatility. That’s good news in the bigger picture because it keeps rates in line with last week’s levels–the recently-lowest in more than a year.
With that said, some lenders were in noticeably worse shape today while others were in noticeably better shape.
That sort of discrepancy is fairly common on days like today. It all has to do with the underlying bond market (which dictates rates) and the timing of the mortgage rate lock process.
When bonds are improving, lenders are able to do better with pricing in the morning, but those improvements can get erased by the time rate locks happen in the afternoon. When bonds are weakening, the opposite is true. T
he morning starts out with rates being slightly elevated from the previous day, but those same lenders are able to offer some afternoon improvements.
The net effect for consumers is that it’s always best to lock as early as possible in the day. Locking later in the day increases the risk of rates being worse than they otherwise would have been.
From a bigger-picture standpoint, rates remain in line with the recent lows seen in late December and early January. That’s the good news.
The bad news is that they’ve been bouncing back and forth around these lows for more than a month with no clear momentum in either direction.
The potential for movement remains, and we could easily see rates move a bit lower or a bit higher in the coming weeks, but it’s going to take a bigger catalyst than we’ve seen recently.
That could come from geopolitical headlines, economic data, or simply a change in the prevailing rate-sentiment.
For now, the most pressing question is whether rates will continue to hold these recent lows or push back toward more significant resistance at 3.875%.
That’s the next line in the sand, and it represents the upper boundary of the recent range. A move back above that level would suggest a more sustained move back toward 4.0
Rates remain slightly elevated
Although rates are slightly elevated, they are still near historic lows. If you are considering a purchase or refinance, now is still a great time to lock in a low rate.
Mortgage rates have been on the rise since last fall, but they are still near historic lows. If you are considering a purchase or refinance, now is still a great time to lock in a low rate.
A few factors are driving the recent increases:
- The economy is improving, which typically leads to higher rates.
- The new tax law reduced the amount of interest that is deductible on your taxes, making loans slightly more expensive.
- The Federal Reserve has been gradually increasing rates, which can lead to higher mortgage rates.
Despite recent hike, rates still near historic lows. If you are considering a purchase or refinance, now is still a great time to lock in a low rate.
Here are some suggestions to help you get the greatest deal
- Get pre-approved for a loan. This will give you a clear idea of how much you can borrow and what interest rate you will qualify for.
- Compare rates from multiple lenders. Make sure to compare both the interest rate and the annual percentage rate (APR), which includes fees and points.
- Shop around for the best rate. Never accept the first offer you got.
- Lock in your rate. Once you find a good rate, be sure to lock it in. Rates can change daily, and you don’t want to risk getting a higher rate after you’ve already applied for a loan.
If you’re considering a purchase or refinance, now is still a great time to lock in a low rate. You can follow these tips to get the best deal possible.
Mortgage rates fall to lowest level in nearly four years
Today’s mortgage and refinance rates are still slightly elevated from recent lows, but remain near historically low levels.
The average 30-year fixed mortgage rate fell to 3.88% this week, down from 3.93% last week, according to Freddie Mac’s Primary Mortgage Market Survey. This marks the lowest average rate since the week of January 11, 2017.
The average 15-year fixed mortgage rate also fell this week, to 3.16%, down from 3.21% last week. This is the lowest average rate since the week of December 8, 2016.
5/1 adjustable-rate mortgages (ARMs) saw a slight uptick this week, with an average rate of 3.13%, up from 3.12% last week. This is still near historically low levels, and is the second-lowest average rate since Freddie Mac began tracking this data in 2005.
Mortgage rates have been on a general downward trend since the beginning of this year, driven by a combination of factors including concerns about the future of the economy, global trade tensions, and falling bond yields.
The average 30-year fixed mortgage rate is now nearly a full percentage point lower than it was at the beginning of 2018, when it averaged 4.72%.
Refinance activity has picked up in recent weeks as rates have fallen, with the Mortgage Bankers Association’s (MBA) Refinance Index rising for four consecutive weeks.
The MBA’s Purchase Index has also been on the rise in recent weeks, reaching its highest level since early May.
With rates remaining near historically low levels, now may be a good time to consider refinancing your mortgage or buying a home.
In current information, it was reported that home loan prices have strike their most affordable factor in practically 4 years. This implies that customers looking for to buy a house or re-finance an current home loan might currently have the ability to protected a lending with a reduced rate of interest.
The reduce in home loan prices is most likely because of a mix of elements, consisting of a solid economic climate, reduced inflation, and worldwide market problems.
Property owners that have been waiting on the correct time to purchase or re-finance might wish to benefit from these traditionally reduced prices previously they start to increase once again.
Refinance rates remain near historically low levels
Refinance rates remain near historically low levels
Mortgage rates have been on the rise since last fall, but they’re still near historic lows. If you’re considering refinancing your home loan, now might be a good time to lock in a lower rate.
Average rates on 30-year fixed-rate mortgages have climbed from 3.93% in September to 4.54% as of this week, according to Freddie Mac. But rates are still historically low, and well below the 6% to 7% range that prevailed before the housing crash.
If you’re thinking of refinancing, it’s important to compare rates and terms from multiple lenders. And be sure to shop around for the best deal on fees and closing costs.
If you have good credit and a solid employment history, you should be able to qualify for a competitive rate.
But if you’re self-employed or have other factors that could make it harder to get approved, it’s important to compare rates and terms from multiple lenders to make sure you’re getting the best deal.
Re-finance prices remain to stay close to traditionally reduced degrees, production it a good time for property owners to think about re-financing their mortgages.
With reduced rate of interest, property owners might have the ability to conserve cash on their regular month-to-month home loan resettlements, decrease their general rate of passion expenses, or reduce the regard to their lending.
Nevertheless, it is essential to do your research study and contrast prices from several loan providers to guarantee you are obtaining the very best offer. Furthermore, think about the expenses connected with re-financing, such as shutting expenses and charges, to identify if re-financing makes monetary feel for your private circumstance.
To conclude, the current decrease in home loan prices to their most affordable degree in practically 4 years readies information for homebuyers and property owners wanting to re-finance.
With a solid economic climate and reduced inflation, customers might have the ability to protected a reduced rate of interest on their home loan, possibly conserving them countless bucks over the life of their lending. Nevertheless, it is essential to act rapidly and benefit from these traditionally reduced prices previously they start to increase once again.
General, this is a guaranteeing advancement for the realty market and those looking for to go into or enhance their setting in the real estate market.
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