Mortgage rates have risen for the fifth week in a row, reaching their highest point since early August. With key events on the horizon, such as the jobs report, the 2024 election, and the Federal Reserve’s interest rate decision, volatility in mortgage rates is expected to continue. Despite the ongoing uncertainty, it seems rates are nearing their peak and are unlikely to hit the highs experienced earlier this year.
According to Freddie Mac, the 30-year fixed-rate mortgage is up 0.18 basis points, putting the U.S. weekly average at 6.72%. One year ago, the rate was 7.76%. The traditional mortgage rate remains over 1 whole percentage point lower than it was at this time last year.
Mortgage rates are significantly lower now compared to the same time last year.
While this isn’t news homebuyers want to read, there are still great opportunities to enter the market. Blue Reef Mortgage offers rate buy-down options to make homeownership accessible. If you’re thinking about diving into the real estate market, now’s the time to reach out to Blue Reef Mortgage, your local mortgage broker. We have smart financing strategies that make purchasing a sound decision.
Whether you’re buying a new home or refinancing your current one, we offer low, competitive mortgage rates and proudly serve our local communities. Let’s get you prequalified to start home shopping!
We are your local mortgage broker located in Jupiter, FL, providing financing for borrowers across the state of Florida.
Don’t wait—let’s get you prequalified today!
