Trending Now: Mortgage Rates Hit a Low --Prospective Buyers, Don't Miss Out!

Calling all savvy homebuyers and refinancers! Here's the latest on mortgage rates as of July 17, 2023. Let's break it down:

30-year fixed-rate mortgages: The average interest rate is 7.18% --a welcomed drop from last week's 7.38%. As a reminder, a 30-year fixed-rate mortgage is a popular choice for many because the monthly payment is lower compared to a 15-year mortgage. 

15-year fixed-rate mortgages: These are running at an average rate of 6.51%, down from 6.60% last week. The catch? Your monthly payment will be higher, but you'll end up paying less interest overall because you'll pay off the loan faster.

5/1 adjustable rate mortgages: The average rate for an ARM loan is 6.19%, a slight dip from 6.23%. With this option, you'll have a lower interest rate than a fixed mortgage for the first five years. After that, your rate could go up or down based on market changes and your loan terms.

Where are rates heading?

Now, the big question on everyone's minds: Will they continue to slip down? That's a tough call. As you may remember, the Feds took a break from raising interest rates in their last meeting after a streak where they boosted rates in 10 consecutive meetings.

However, the Fed's commitment to reaching a 2% inflation target means they're unlikely to back down from increasing them again. They're committed to this goal, and increasing rates is their best weapon to do it.

So, don't be surprised if rate increases make a comeback. In the meantime, take advantage of the current rate decrease and contact us for more helpful, money-saving home finance guidance.