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.
Pre-Approval
in 10 minutes?
in under 10 minutes. Grab a few important documents to get started.
- Tax Returns
- Copies of W-2s (or 1099s for independent contractors,
freelancers and the self-employed) - A payroll stub
- A bank statement
- 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.
