Mortgage rates at 4-month lows. Where do they go from here?

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The national average for mortgage rates are at 4-month lows

With another round of inflation metrics and employment data, the national average for a 30-year, fixed rate mortgage is still at its lowest point in four months. Trading was mostly sideways heading into the weekend as the national average for a 30-year, fixed-rate mortgage ended up 0.02%, and ended the session at 6.09%.

The national average is unlikely to make any major moves until after the Federal Reserve meeting on January 29th and 30th. Any positive news on inflation or housing could help the market move a little lower, but it would take a major event to move the needle before The Fed provides additional guidance.

This could be a great time for home shoppers that have been on the sidelines to lock in a mortgage rate. Guaranteed Rate offers a mortgage rate lock of up to 90 days, so you can shop into the Spring without worrying about a sudden surge in rates.

Are we in a buyer’s market or a seller’s market?

In a recent interview with CNN, Rocket CEO Jay Farner believes that the days of sellers holding all the power are over, and the housing market has moved closer to 50/50 for buyers and sellers.

Farner stated, “I’d say it’s an even market. A few years ago, it was clearly a seller’s market. We were doing verified approvals and people were getting a full underwrite within 24 hours to ensure they could present almost like a cash buyer to make an offer on that home. Now they have a bit more time. They have more homes they can look at. We’re not seeing 15 offers on one home.”

Do you want to get into a new home quickly? Learn more about the Fast Track program from Guaranteed Rate!

Do home renovations really add more value to homes?

If they’re done right, renovations can add a ton of value to a selling price. For example, the team at HGTV’s ‘Married to Real Estate’ completed a renovation that added $100,000 to the value to house. Updates to the fireplace, super-luxe pantries, and hidden closets with Murphy walls helped take a home initially worth $579,000 to almost $800,000 and gained the owners an extra $100,000 in home equity.

Do you have a project that you want to start? Look into getting a home equity line of credit, and get started!

in 10 minutes?

The pre-approval process is lightning fast, and can be completed
in under 10 minutes. Grab a few important documents to get started.
  1. Tax Returns
  2. Copies of W-2s (or 1099s for independent contractors,
    freelancers and the self-employed)
  3. A payroll stub
  4. A bank statement
  5. Loan obligation info (student loans,
    auto loans and credit cards)

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply. 

All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.