Freddie Mac says that the 30 year average mortgage rate for the week remained steady at 6.58%. The high for the year was at 7.04% reached in early January. The current rate is at the low for the year.
In 2024, the the lowest mortgage rate reached 6.09% the range since September 2022 has been between 6.09% and 7.79%. With most of the time capped at 7.22%.
Below is the impact on a standard 30-year fixed (P&I only) for the average priced $422,000 home if rates fell by 50 basis points:
If you finance the full $422,000:
6.53% → $2,675.66/mo
6.03% → $2,538.25/mo
Change: –$137.41/mo (–5.1%), ~$1,649/yr.
With 20% down (loan = $337,600):
6.53% → $2,140.53/mo
6.03% → $2,030.60/mo
Change: –$109.93/mo (–5.1%), ~$1,319/yr.
Rule of thumb: A 0.50% rate drop around these levels cuts the payment by about $32.6 per month per $100,000 of loan.
