According to FOXBusiness, 30-year mortgage interest rates fell from 6% to 5.875% today (22 th June), a 7-day low.
Buyers might want to lock in a mortgage rate at this time because future rises are inevitable.
A 30-year fixed mortgage's average rate is 6.04%, while a 15-year fixed mortgage's average rate is 5.26%.
In January 2021, the average cost of a new home in the US was $401,700.
The rate for 2021 was 2.96% on average, the lowest average yearly rate in thirty years.
Mortgage rates have increased by 2.66% over the past six months, the biggest six-month increase since 1981.
The average interest rate for a 30-year fixed-rate mortgage for 2019 was 3.94% a year before the COVID-19 epidemic.
Following the Fed announcement from last week, mortgage rates spiked throughout the last week and kept climbing.
30-year rates increased from 5.23% the previous week to 5.78% for the week ending June 16.
Forbes estimates the monthly principal and interest payment for a $100,000 mortgage with a 30-year fixed-rate and a 6.04% interest rate is $60.