Mortgage Interest Rates Today, March 11, 2024 | Rates Are Down. But High Inflation Could Send Them Back Up.
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After spiking in February, mortgage rates have trended back down this month. Average 30-year mortgage rates are hovering around 6.30%, down 33 basis points from where they were this time last week.
High inflation and Federal Reserve interest rates hikes helped push mortgage rates up over the last couple of years. Now that inflation has slowed so much from its June 2022 peak, mortgage rates are expected to go down this year.
But depending on what tomorrow's Consumer Price Index report shows, we could see rates temporarily jump back up this week.
January's hotter-than-expected CPI data pushed mortgage rates up last month, and we could see a similar response if the latest data comes in hot, too.
Expectations are that headline inflation will remain flat from the previous month. Core CPI, which strips away the volatile food and energy categories, is expected to tick down a bit, according to Investing.com.
Overall, inflation is expected to continue slowing this year. But Fed officials have stated that they want to see more data before they consider cutting the federal funds rate. This has kept mortgage rates elevated.
Current Mortgage Rates
Current Refinance Rates
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Use our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you'll also understand how much you'll pay over the entire length of your mortgage.
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Mortgage Rates for Buying a Home
30-Year Fixed Mortgage Rates Go Down (-0.33%)
The current average 30-year fixed mortgage rate is 6.30%, down 33 points from where it was this time last week, according to Zillow data. This rate is down compared to a month ago, when it was 6.44%.
At 6.30%, you'll pay $619 monthly toward principal and interest for every $100,000 you borrow.
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you'll pay back what you borrowed over 30 years, and your interest rate won't change for the life of the loan.
20-Year Fixed Mortgage Rates Fall (-0.29%)
The average 20-year fixed mortgage rate is down bit from last week, and is sitting at 6.07%. This time last month, the rate was 6.20%.
With a 6.07% rate on a 20-year term, your monthly payment will be $720 toward principal and interest for every $100,000 borrowed.
A 20-year term isn't as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option.
15-Year Fixed Mortgage Rates Decrease (-0.19%)
The average 15-year mortgage rate is 5.80%, down from last week. It's up compared to this time last month, when it was 5.74%.
With a 5.80% rate on a 15-year term, you'll pay $833 each month toward principal and interest for every $100,000 borrowed.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you'll have a higher monthly payment than you would with a longer term.
7/1 ARM Rates Inch Up (+0.13%)
The 7/1 adjustable mortgage rate is up 13 basis points from a week ago, currently at 6.96%. It's also up compared to this time last month, when it was at 6.79%.
At 6.96%, your monthly payment would be $663 toward principal and interest for every $100,000 borrowed — but only for the first seven years. After that, your payment would increase or decrease annually depending on the new rate.
5/1 ARM Rates Go Down a Bit (-0.16)
The average 5/1 ARM rate is 6.81%, a small decrease from last week. It's up a bit from where it was a month ago, when it was 6.77%.
Here's how a 6.81% rate would affect you for the first five years: You'd pay $653 per month toward principal and interest for every $100,000 you borrow.
30-year FHA Rates Plunge Back Below 5% (-0.68%)
The average 30-year FHA interest rate is 5.51% today, which is down 17 basis points from last week. This rate was 5.49% a month ago.
At 5.51%, you would pay $568 monthly toward principal and interest for every $100,000 borrowed.
FHA mortgages are good choices if you don't qualify for a conforming mortgage. You'll need a 3.5% down payment and 580 credit score to qualify.
30-year VA Rates Trend Down (-0.27%)
The current VA mortgage rate is 5.68%, 27 basis points lower than this time last week. This rate was 5.70% a month ago.
With a 5.68% rate, your monthly payment would be $579 toward principal and interest for every $100,000 you borrow.
Mortgage Refinance Rates
30-Year Fixed Refinance Rates Go Down a Bit (-0.13%)
The average 30-year refinance rate is 6.73%, 13 basis points lower than last week. It's up quite a bit compared to a month ago, when it was 6.32%.
Here's how a 6.73% rate would affect your monthly payments: You'd pay $647 toward principal and interest for every $100,000 borrowed.
Refinancing into a 30-year term can land you lower monthly payments, but you'll ultimately pay more by refinancing into a longer term.
20-Year Fixed Refinance Rates Inch Down (-0.38%)
The current 20-year fixed refinance rate is 6.94%, which is 9 basis points down compared to a week ago. This rate was 6.23% this time last month.
A 6.94% rate on a 20-year term will result in a $772 monthly payment toward principal and interest for every $100,000 you borrow.
15-Year Fixed Refinance Rates Go Up a Bit (+0.17%)
The average 15-year fixed refinance rate is 6.14%, which is up 17 points compared to last week. It's also up compared to this time a month ago, when it was at 5.77%.
A 6.14% rate on a 15-year term means you'll pay $851 each month toward principal and interest for every $100,000 borrowed.
Refinancing into a 15-year term can save you money in the long run, because you'll get a lower rate and pay off your mortgage faster than you would with a 30-year term. But it could result in higher monthly payments.
7/1 ARM Refinance Rates Rise (+0.57%)
The average 7/1 ARM refinance rate is 7.81%, up over half a percentage point from where it was last week. It's nearly flat from a month ago, when it was 7.80%.
Refinancing into a 7/1 ARM with a 7.81% rate means your monthly payment toward principal and interest will be $721 for every $100,000 you borrow. This will be the payment for the first seven years, then your rate will change annually unless you refinance again.
5/1 ARM Refinance Rates Recede (-0.30%)
The 5/1 ARM refinance rate is 7.44%, which is significantly higher than it was this time last week. It's slightly lower compared to this time last month, when it was 7.48%.
A 7.44% rate will result in a monthly payment of $695 toward principal and interest for every $100,000 borrowed. You'll pay this amount for the first five years of your new mortgage.
30-Year FHA Refinance Rates Essentially Flat (-0.01%)
The 30-year FHA refinance rate is 5.38%, which is a single point lower than last week. This rate was 5.50% this time last month.
A 5.38% refinance rate would lead to a $560 monthly payment toward the principal and interest per $100,000 borrowed.
30-Year VA Refinance Rates Decrease (-0.14%)
The average 30-year VA refinance rate is 5.52%, which is 14 points lower compared to where it was was last week. This rate was 5.50% a month ago.
At 5.52%, your new monthly payment would be $569 toward principal and interest for every $100,000 you borrow.
Are Mortgage Rates Going Down?
Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year. Though rates have ticked back up a bit recently, they should go down by the end of 2024.
For homeowners looking to leverage their home's value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease further. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you're borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you'd do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.