Instant Reaction: Mortgage Rates, March 14, 2024

Mortgage interest rates continued their 14-week stay within the mid-6% range this week. They fell from 6.88% to 6.74%, the lowest 30-year fixed mortgage interest rate reported by Freddie Mac since early February. 

For home buyers looking to purchase a $400,000 home, this is a monthly mortgage payment with a 20% down payment of $2,073. As mortgage interest rates have declined from a high in October of 7.79%, this translates into a significant savings of $228.

These rates have encouraged home buyers, and according to REALTORS®, home buying activity is showing an increase in buyer demand from last year, when buyers were apprehensive of rising rates. More housing inventory is needed to meet the demand.