Mortgage rates today, April 11, 2024: It could be a while before rates fall
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Mortgage rates have remained high this week and significant drops are unlikely. The Federal Reserve is waiting to lower the federal funds rate until inflation is closer to the target of 2%. March's inflation rate was 3.5% year over year, exceeding expectations. If inflation doesn't drop, the Fed is less likely to decrease its rate. Today's national average 30-year mortgage fixed rate is 6.82%, a minor increase from last week's 6.79%. The average 15-year fixed mortgage rate is 6.06%, down from last week's 6.11%. Factors that impact mortgage rates include the economy, housing market, credit scores, debt-to-income ratios, and savings. 30-year mortgages have lower monthly payments but higher interest rates, while 15-year mortgages have lower rates in the long run but higher monthly payments.