Logo
February 21, 2024

What’s Happening with Mortgage Rates?

Are you feeling a bit unsure about what’s really happening with mortgage rates? That might be because you’ve heard headlines that the rate is coming down, but then you read somewhere else that they’re up again. Understandably, it may leave you scratching your head and wondering what’s true.

a close up of a computer screen showing a graph

The simplest answer we can give: When you’re listening to economic reports about trends in mortgage rates, pay close attention to the time frame being reported on.


Mortgage Rates are Volatile

Mortgage rates don’t move in a straight line. There are too many factors at play for that to happen. Instead, rates bounce around because they’re impacted by things like economic conditions, decisions from the Federal Reserve, and so much more. That means they might be up one day and down the next depending on what’s going on in the economy and the world as a whole.


Take a look at the graph below. It uses data from Mortgage News Daily[1] to show the ebbs and flows in the 30-year fixed mortgage rate since last October:

a graph showing the 30 year fixed mortgage rate

Looking at the graph, there are a lot of peaks and valleys. When you use data like this to explain what’s happening, the story can be different based on which two points in the graph you’re comparing.

a man in a pink sweater is thinking with his hand on his chin .

For example, if you’re only looking at the beginning of this month through now, you may think mortgage rates are on the way back up. But by looking at the latest data point compared to the peak in October, rates have been trending down. There’s no right or wrong way to look at it, as long as you have context.


The Big Picture Becomes Clear

Mortgage rates are always going to bounce around. It’s just how they work. Don’t focus too much on small daily changes. Instead, to really understand the overall trend, zoom out and look at the bigger picture.

two women are sitting at a table looking at a piece of paper .

Comparing the highest point (October) to where rates are now, they’ve definitely come down. And if you’re looking to buy a home, this is big news. Don’t be distracted by the smaller bumps along the way. The experts agree, overall, the larger downward trend could continue this year.


Contact your local real estate professional to understand more about how changes in the housing market will impact your homebuying journey.


[1] Mortgage News Daily


Related Article: Homebuyer Glossary: Key Words You Need to Know

You may be interested in:

A cardboard box with the words moving day written on it

Innovative Strategies for a Seamless Spring Move: 5 Secrets for Moving Success

April 1, 2024
As spring approaches, many homeowners gearing up to sell their homes face the daunting task of moving. However, with some innovative strategies and the right supplies, you can make the process smoother and more efficient. Here are five tips tailored specifically for home sellers embarking on a spring move:
A magnifying glass is sitting on top of a table next to two small houses.

How Much is My Home Worth in Today’s Market?

April 1, 2024
As spring approaches and the real estate market begins to bloom, homeowners gearing up to sell their homes are undoubtedly eager to secure the best offer possible. The key to achieving this lies in understanding how real estate agents value properties and determine listing prices. Here's a glimpse into the process:
A family stands in front of a house for sale sign

Facts about Closing Costs that Homebuyers Need to Know

April 1, 2024
Before making the decision to buy a home, it’s important to plan for all the costs you’ll be responsible for. While you’re saving for the down payment for your new home, don’t forget you’ll need to prepare for closing costs too.
a boy is sitting on a man 's shoulders looking at a house.

Maximizing Curb Appeal: Your Ultimate Guide to Selling Your Home in the Spring Market

March 19, 2024
As the spring market approaches, prospective home sellers are gearing up to showcase their properties in the best possible light. One of the most crucial aspects of attracting potential buyers is curb appeal – the first impression your home makes from the street. Here's your comprehensive guide to preparing your home for the spring market and maximizing its curb appeal:
a little girl in a floral dress is running through a sprinkler.

Sprinkler System Success: Step-by-Step Guide

March 19, 2024
Testing a sprinkler system is crucial to ensure proper functionality and efficient irrigation for your lawn and garden. Here's a step-by-step guide on how to test your sprinkler system:
a woman is holding a piggy bank and a sign that says buy rent .

First Apartment Finances: A Beginner’s Guide to Budgeting

March 19, 2024
Stepping into the world of renting your first apartment is an exciting milestone, but it can also be daunting, especially when it comes to figuring out your budget. As a prospective renter who's new to living on your own, establishing a realistic budget is essential for ensuring financial stability and peace of mind. Here's a beginner's guide to help you navigate the process:
a beagle dog is running in the grass with a stick in its mouth .

Home Maintenance Checklist for March

March 1, 2024
Following an annual maintenance routine helps homeowners avoid costly repairs, property damage, and keeps home a happy, healthy, and safe place for family and visitors alike.
a man is piggybacking a woman in a cardboard box

4 Homebuying Mistakes and How to Avoid Them

March 1, 2024
If you’re in the market for a new home, avoid these 4 homebuying mistakes to optimize your experience and set yourself up for success. How do you know if you’re ready to buy? Ask yourself these questions to find out if you’re ready to be a homeowner.
a man in a suit holds a clipboard while standing next to a woman

Get Expert Advice for Your Big Move

March 1, 2024
No matter what stage of life you’re in, buying or selling a home is a big decision. When you’ve made big decisions in the past, what have you done? You’ve probably done some research on your own, and then asked for advice and guidance from someone you consider to be extremely knowledgeable. Big decisions lead to big changes and moving is no exception. There are a lot of factors at play when deciding on new living arrangements. You need insights from experts to help you feel confident and make the right choice.
Show More
Share by: