Where are mortgage rates ahead of employment data?

Drone Shot of Snowcapped Houses in Denver, Colorado | mortgage rate news

Where are mortgage rates at currently?

The national average for a 30-year, fixed-rate mortgage rate was down 0.06% to 7.03%*. Manufacturing data in the morning spurred a rally in the bonds market which lead to mortgage rates ticking lower.

Up next is a key jobs report that is the next major data point the market will receive to potentially provide direction.


Is an early spring arriving in the Denver housing market?

A recent article in the Denver Post reviewed local housing market data, and spring might be coming to the Denver metro area early this week.

According to the data, seller activity is up 29.1% month-over-month, and 22.6% year-over-year. Closings were also up 31.2% month-over-month, but down slightly from last year’s levels.

Home inventory in the Denver metro area is up 13.1% from January 2024, and up 45.9% since last year.

Libby Levinson-Katz, the chairwoman of DMAR Market Trends Committee and local real estate agent, wrote, “All in all, the spring season is heating up. Prepared sellers can curb a second round of negotiations with buyers at inspection while strategic buyers know what they want before shopping and the options available to them.”


Is there a benefit to high mortgage rates?

According to an article from Yahoo! Finance, there’s at least one way that high mortgage rates are benefitting homeowners.

The mortgage interest deduction, a tax benefit** taken on homeowners’ tax returns, has tipped in favor of homeowners.

Nicole Han, a real estate agent based in Los Angeles and former accountant, stated, “The benefit of the itemized deduction definitely comes back into the picture. It gives [homebuyers] a little bit of peace of mind knowing that when they make their mortgage payments, a big portion of the mortgage payments is going to the home’s equity and that interest can be deducted.”

Given where deductions are at, it may make sense to lock in a current rate, get the house, and then make itemized deductions, but it’s best to confirm tax deductions with an accounting professional.

* National average rates accurate as of 3/5/24 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.

** Guaranteed Rate does not provide tax advice. The consumer should always consult a tax advisor for information regarding the deductibility of interest and other charges in their particular situation.


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