Jun 12, 2024

Mortgage Rates Climb, Impacting Homebuyers

As of June 12, 2024, mortgage rates continue to rise, with the 30-year fixed rate reaching 7.38%, impacting affordability for first-time buyers.

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.




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