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  • Writer's pictureKCStark

Rate Drop: What’s Happening with 30-Year Mortgage Rates? Here's the Scoop as of May 3, 2024

Quick Update on Mortgage Rates

Heads up, everyone! Over the past couple of days, 30-year mortgage rates have taken a nice dip, hitting 7.25%—that's the lowest we've seen them in over a week. It's not just the 30-year rates sliding down; we're seeing a bit of relief across the board.

Rate Drop: What’s Happening with 30-Year Mortgage Rates?
Rate Drop: What’s Happening with 30-Year Mortgage Rates?

A Little FYI on How We Track These Rates

Just so you know, starting from May 1, 2024, we’ve switched up how we calculate these rates. We're now using data from the Zillow Mortgage API. What this means is our numbers might look a little different from before because of the new way we're crunching them.

What’s Going On with Rates Lately?

After a spike last week thanks to some fresh inflation news, rates are getting a little friendlier. The benchmark 30-year rate is down by 8 basis points since last Wednesday. While they’re not as low as they were back in February, they’re sure a lot easier on the wallet than that scary peak of 8.01% we hit last October.

Details on Different Types of Rates

If you’re eyeing a 15-year plan, there’s good news too. Rates have dropped to 6.40%, down a bit from last week’s high. As for the jumbo 30-year loans, they’ve seen a bigger cut, dropping 14 basis points.

Rates Across the States

Rates can be a mixed bag depending on where you live. Some states like New York and California are seeing lower rates, while places like West Virginia and New Mexico are on the higher end. It’s all about the local market conditions.

Why Do Rates Go Up and Down Anyway?

It’s a cocktail of factors—everything from what the bond market’s doing to the Fed’s latest moves. These rates are jumpy because of big economic shifts, lender competition, and all sorts of other financial wizardry.

Fed’s Current Stance

The Fed's been holding the line on the federal funds rate since July, trying to keep inflation in check without rocking the boat too much. They’re keeping an eye on things, and so should we.

Need to Crunch Some Numbers?

If you’re trying to figure out what your mortgage might look like, remember, a lot depends on your personal financial details like your credit score and down payment.

Get the Best Deal on Your Mortgage

Not loving these rates? Or maybe you're not sure what all this means for you? That’s where a pro comes in. Give me a shout to talk about your options and maybe snag the best terms for your loan!

Stay tuned and stay savvy, folks! And remember, when it comes to mortgages, a little knowledge goes a long way.


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