Interest Rate On A 30 Year Mortgage latest 2023

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Mortgage Rates Continue to Fall

It was the sixth week in a row that 30-year mortgage rates fell or remained stable. Over the past 6 weeks, 30-year notes have fallen from 6.63 to 6.35. This was preceded by a sudden jump in interest rates in July, where 30-year mortgage interest rates rose from 6.26 to 6.63 between July 17 and July 24. So while rates are a bit higher today than what we saw on July 17, they are almost back to mid-July levels. Interestingly, it took a week for rates to move from 6.26 to 6.63 and six weeks of rate cuts to approach July 17th levels.

This week we also saw declines in all other major mortgage products. The 15 year mortgage went from 5.93 to 5.9 and the 5 year leg went from 6.03 to 5.97. By far the biggest move was in the 1 year arms which fell almost 1/5 of a point from 5.33 to 5.15. Below are the rates for the 4 main mortgage products this week.

September 4, 2008

30 years 6.35 15 years 5.90 ARM 5 years 5.97 ARM 1 year 5.15

OK, so what does this mean for a mortgage? Obviously, the mortgage would be lower with falling rates, but by how much. Let’s look at a 200,000 mortgage and using our free mortgage calculator calculate the numbers based on today’s rates.

September 4

30 years $1244.47

15 years $1676.92

5 year ARM $1195.24

ARM 1 year $1092.05

So why have rates steadily fallen. I think this must be based on rumors (which have now been proven to be correct) that the feds are going to take control of Fannie Mae and Freddie Mac. Basically, the government takeover gives banks more assurance that their mortgage insurance will be paid back in the event of default. Freddie Mac’s declining fortunes scared some banks into thinking their mortgage insurance might be worthless. So now banks are lowering rates because they believe the risk associated with lending has gone down.

So what do I expect to see over the next few months? I’d be surprised if mortgage rates didn’t keep falling now that Freddie Mac and Fannie Mae are government owned. The Fed has been trying to drive interest rates down all year and now they have the wherewithal to do so (I think that was part of the motivation behind the Freddie Mac and Fannie Mae takeover). So does that mean investors? Should they wait for mortgage rates to drop before buying? I do not think so. If rates continue to fall, house prices could go up or at least I would expect to see less supply on the market. Instead, if you find a property to buy, I would monitor interest rates and if they continue to fall, I would try to lock in your mortgage rate at the new lower rate. While I expect rates to come down, something unexpected that spooks banks over the next month could of course send mortgage rates back up.

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