30 year fixed mortgage rates | Conventional Mortgages | U.S. Bank (2024)
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A fixed-rate mortgage with a 30-year term may be a good option for you if you: Want to keep your monthly payment low without giving up the stability of a fixed rate. Want to get approval for a larger loan. Plan to stay in your home for the long-term.
In its May Mortgage Finance Forecast, the Mortgage Bankers Association predicts that mortgage rates will fall from 6.9% in the second quarter of 2024 to 6.5% by the fourth quarter. The industry group expects rates will fall below the 6% threshold at the end of 2025.
The CPI showed that inflation is slowing down, which is good news for mortgage rates. It will probably still be months before we see significant drops, though. The Federal Reserve will likely only slash the federal funds rate once in 2024 — the prediction used to be three rate cuts — and it will be late in the year.
The lender may not deny a loan because they don't think you'll live long enough to pay it off. But the law addresses more than just the age at which you apply. ECOA also prohibits lenders from denying a loan for other reasons that may be related to age.
Each lender will offer somewhat different rates on the same type of loan. Even a couple of percentage points can make a big difference in how high your money payment will be, so be sure to ask around. Negotiate mortgage rate and fees with desired lender.
670–740: Good credit – Borrowers are typically approved and offered good interest rates. 620–670: Acceptable credit – Borrowers are typically approved at higher interest rates.
What is the current Fed interest rate? Right now, the Fed interest rate is 5.25% to 5.50%. The FOMC established that rate in late July 2023. At its most recent meeting in June, the committee decided to leave the rate unchanged.
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