Instant Reaction: Mortgage Rates, March 2025
Facts: The average 30-year fixed mortgage rate from Freddie Mac fell to 6.63% from 6.76% last week. At 6.63%, with a 20% down payment, the monthly mortgage payment totals $2,050 for a home priced at $400,000. With a 10% down payment, the typical payment would be $2,306.
Positive: This is the lowest rate for the 30-year fixed mortgage since December, marking seven consecutive weeks of decline. Mortgage applications showed a notable weekly increase of 20.4% as buyers capitalized on lower rates, including refinancing higher-rate mortgages. Home buyers are in a favorable position as they encounter more inventory and improved rates ahead of a Spring rush.
Negative: Will homeowners feel financially secure, even with housing equity to move?
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