January 2024 Mortgage Interest Rate Update

January 2024 Interest Rate Update

Overall we’ve seen a continued decline in interest rates, now solidly in the mid 6s to even some high 5s.

This is down from the previous few month’s mid 7s and even touching 8 hre and there.

Interest rates are do move a bit each and every day (sometimes multiple times in a single day)!

I like to share current interest rates with you when they either make a significant move or shift, or if it’s been a few weeks since the last update.

These interest rate quotes used to produce this video are actual loan estimates provided to me by Vivian Newton of Newton Financial.

Historic Interest Rates

Interest rates 2000 to Current from Federal Reserve Economic Data

No Data Found

I Also Do Monthly Home Market Stats

Each and every month we produce and release home market trend and statistics reports and analysis!


What is a Point or the percentage rate cost?

At closing, the lender can be given additional money to effectively lower the interest rate.  This is known as a rate cost, buy down, or points.

1 Point equals 1% of the loan amount.

What are the criteria?

These quotes are generated with 780 credit scores and loan value of $403,750.

Which loan should I choose?

That answer is different for everyone!  Some people prefer longer term low interest rates, some people prefer less money out of pocket for down payments. 

One of the hallmarks of a great mortgage broker is they take the time to understand your situation and give you a wide variety of options.

I have a foreclosure / bankruptcy. Can I get a loan?

The short answer is maybe.  It's highly dependent on you current situation, and there are still traditional requirements like downpayment, credit score, and debt-to-income ratios.

But I have seen many people with recent foreclosures and bankruptcies purchase a home!

Aren't you a Realtor? You can't do loans!

Very astute!  I share this information as a courtesy (and because I get asked it so much!)

Yes, as a Realtor my expertise and licensing are for houses, the purchase contract, negotiation, neighborhoods, overall market trends, and local knowledge.  

So not, I can't get you a loan!  But I can refer you to a few really outstanding mortgage brokers.

Are interest rates going up or down?

Honestly there's not any way to know!  I'd be a trillionaire if I did!

But there are some things to know.  Mortgage interest rates are not locked to the "Prime" Fed Rate.  So many times they will increase prior to major Federal Reserve / Unemployment numbers and adjust rapidly after the announcement.

Is now a good time to buy / sell a home?

The answer to that depends on You, not the market.  There are few times when it is NOT the right time to make a positive life improvement.   These numbers are here to mainly show you the obstacles you will face at any point in time.  

And there are ALWAYS obstacles, uncertainties, naysayers.  In 2013 people were calling any homebuyer stupid because 'prices can't keep going up, has to drop soon!'.  Yet here we are.

I like your style and want you as my Realtor! How can I get started?

Best first step is usually to schedule a phone call here at the time that works best for you. That link also has our direct phone numbers and email addresses if you prefer that method.


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