On June 12, 2024, the average 30-year fixed mortgage rate has risen to 7.38%. Despite this increase, the market shows a rise in available lower-priced homes, which may benefit first-time buyers.

As reported by MarketWatch Guides, using data from Curinos, today's mortgage rates show a modest increase, continuing a trend of rates above 7%. The current 30-year fixed rate stands at 7.38%. This uptick follows a strong jobs report, suggesting rates may remain elevated. However, there's optimistic news for first-time buyers: Realtor.com notes an increase in affordable home listings, with a significant 46.6% rise since last May in homes priced between $200,000 and $350,000. Here's a quick look at today's rates:

• 30-year fixed: 7.38%
• 15-year fixed: 6.74%
• 5/6 ARM: 7.11%
• Jumbo: 7.26%

The Bottom Line

While higher mortgage rates pose challenges, the increase in affordable homes offers a glimmer of hope for first-time homebuyers. This trend could help balance the scales between rising costs and housing accessibility.

4