The Federal Reserve slashed the fed funds rate on Wednesday, and mortgage rates are decreasing too. According to Freddie Mac, the 30-year mortgage rate is down 11 basis points to 6.09%, and the 15-year mortgage rate fell by 12 basis points to 5.15%.
“While mortgage rates do not directly follow moves by the Federal Reserve, this first cut in over four years will have an impact on the housing market,” Sam Khater, chief economist for Freddie Mac, said in a press release. “Declining mortgage rates over the last several weeks indicate this cut was mostly baked in, but we expect rates to fall further, sparking more housing activity.”
Mortgage rates should continue to fall throughout 2024 and 2025. This means monthly payments could become more affordable, and homeowners who have been staying in their homes to keep their low rates might finally be ready to sell. Buyers could benefit from both lower rates and more home inventory.
Read more: Mortgage rates inch closer to 6% following Fed rate cut
Current mortgage rates
Here are the current mortgage rates, according to the latest Zillow data:
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30-year fixed: 5.68
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20-year fixed: 5.42%
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15-year fixed: 5.03%
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5/1 ARM: 6.13%
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7/1 ARM: 6.03%
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30-year VA: 5.14%
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15-year VA: 4.80%
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5/1 VA: 5.48%
Remember, these are the national averages and rounded to the nearest hundredth.
Learn more: 5 strategies to get the lowest mortgage rates
Current mortgage refinance rates
These are today’s mortgage refinance rates, according to the latest Zillow data:
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30-year fixed:…
