Mortgage Rates for Thursday, March 23, 2023 in a Minute
Good morning, with the recent collapse of two financial institutions and the buy-out of another, mortgage rates did drop in response to speculation that the Fed would not raise interest rates. Although the Fed did raise rates by .25% yesterday, the impact on mortgage rates is positive.
Why is that? well, with high interest rates coupled with economic uncertainty, investors are in fact, turning to bonds as a safe haven to park their assets. Wouldn't you? This of course will push bond price up, which tends to lower fixed mortgage rates.
For today, Thursday, March 23, 2023, the national average mortgage rate for a 30-year fixed mortgage loan is 6.85%. Meanwhile, the national average mortgage rates for:
5.1 ARM is 5.74% APR 7.31%
7/1 ARM is 6.16% APR 7.15%
10/1 ARM is 6.45% APR 7.07%
Don't forget to shop around for your mortgage loan before committing to one. In addition, the rates you see, may not be the rate you get. Please also remember, there are several factors that goes into determining your rate. These factors include but not limited to:
Credit score
Loan type
Term
Property location
Down payment
Loan amount and rate type
We hope you enjoyed your visit with us today. As always, thank you so much for stopping by. Until next time… Diana.
