Mortgage Update by Daarron You of Nexa Mortgage

National mortgage rates moved higher for all loan terms compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans increased.

Mortgage rates could gradually come down this year, according to Greg McBride, CFA, Bankrate chief financial analyst. Rates began falling in the latter part of 2023 as inflation cooled and the Federal Reserve opted not to raise rates further. The central bank now expects to cut rates in 2024 — a reversal that would touch all corners of the economy, including on the 10-year Treasury, the main driver of fixed mortgage rates.

“The 10-year Treasury yield that serves as a baseline for fixed mortgage rates will have a bouncy journey lower, moving back above 4 percent early in 2024 but trending lower as inflation cools and the Fed gets closer to cutting rates,” says McBride. “For mortgage rates, that portends a general downtrend — albeit with fits and starts — in 2024."

The date is 01/08/2024 and the National Average Mortgage Rates for today are as follows:

Conventional: 
30-year fixed - 7.07%
15-year fixed - 6.46%
5/1 ARM - 6.41%
30-year fixed Jumbo - 7.13%

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