{"id":12577,"date":"2025-03-29T00:15:14","date_gmt":"2025-03-29T00:15:14","guid":{"rendered":"https:\/\/finderica.com\/?p=12577"},"modified":"2025-03-29T00:15:14","modified_gmt":"2025-03-29T00:15:14","slug":"weekly-mortgage-rates-fall-as-buying-season-heats-up","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=12577","title":{"rendered":"Weekly Mortgage Rates Fall as Buying Season Heats Up"},"content":{"rendered":"<div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">It was a well-timed week for mortgage rates to stabilize: The 30-year mortgage averaged 6.77% in the week ending March 27, down three basis points from the previous week. A basis point is one one-hundredth of a percentage point.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">A three-basis-point decline sounds kind of measly, but it stopped a two-week streak of rising rates. And the slight downturn happened in the middle of spring break season. Just in time.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">The dates of spring break vary across the country, and there aren&#8217;t readily available statistics on its effect in local housing markets. But anecdotally, a real estate agent will tell you that would-be <\/span><span class=\"_28z5Fp _3-to_p\">home buyers<\/span><span class=\"_28z5Fp _3-to_p\"> stampede into the market during and immediately after spring break.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">So if your home search is beginning in earnest, you&#8217;re in plenty of company. In fact, the number of purchase mortgage applications is up 7% compared to the same week last year, according to the Mortgage Bankers Association.<\/span><\/p>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _2w4PM3 _1My7YX\" data-currency=\"Text\" id=\"more-homes-are-on-the-market-too\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">More homes are on the market, too<\/span><\/h2>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">&#8220;As rates continue to decline this spring \u2013 albeit at a slow pace \u2013 home buyer demand is on the rise,&#8221; MBA president and CEO Bob Broeksmit said in a news release.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Conveniently, the increase in demand is met by a growing supply. More people are <\/span><span class=\"_28z5Fp _3-to_p\">listing their homes for sale<\/span><span class=\"_28z5Fp _3-to_p\">, and houses are staying on the market longer. Through March 15, the number of active real estate listings nationwide was 28.5% higher than the same week a year before, according to data compiled by Realtor.com. <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">&#8220;While affordability is still a big challenge, buyers should find a friendlier market this spring with more homes for sale and more time to consider options and find the right fit,&#8221; said Kara Ng, a senior economist for Zillow.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<div>\n<div>\n<div class=\"_3wlVa6 _2247K8 _3eCw6n\">\n<div class=\"_3wlVa6 _2247K8\">\n<div>\n<div class=\"_2vcpA4 td77J8 PIqV0k _2lZbKL _32aq7f _1r_py0 _33JiRF _2F9T-X _1xbdug\" style=\"flex-direction:column\">\n<div class=\"_1TDqyw\">\n<p><span class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\">Explore mortgages today and get started on your homeownership goals<\/span><\/p>\n<p><span class=\"_21EZtY _2LuWPZ _3_uGsM _28z5Fp N36gAq\" data-currency=\"Text\">Get personalized rates. Your lender matches are just a few questions away.<\/span><\/p>\n<\/div>\n<div class=\"_2vcpA4 PIqV0k wnPEbn _2N11b- _1TDqyw\">\n<div class=\"_1TDqyw\">\n<div class=\"_2w4PM3\">\n<div data-currency=\"Columns\" class=\"_2DPHJa _2TtTbq _2HM5Cl _3UifXY\">\n<div data-currency=\"Column\" class=\"_12cv4d qVG6Ts\"><label class=\"_2lZ2l6\" for=\"nw-aria-ssr-4-5-1-1-3\"><span class=\"TS4Kq- _28z5Fp vRhsJJ _2lZ2l6\">What&#8217;s your property type?<\/span><\/p>\n<div class=\"_1IaSjl emgdYA _1udEV5\"><select class=\"_18mj-v _30anQr _1udEV5 g2zh3L\" data-currency=\"Select\" id=\"nw-aria-ssr-4-5-1-1-3\" placeholder=\"Select your option\"><option value=\"\" disabled>Select your option<\/option><option selected value=\"house\">Single family home<\/option><option value=\"townhome\">Townhouse<\/option><option value=\"condo\">Condo<\/option><option value=\"multi-family\">Multi-family home<\/option><\/select><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\" class=\"_3qh7ju _2ulGkX\" fill=\"currentcolor\" focusable=\"false\"><path d=\"M5.942 8h12.116c.838 0 1.257 1.02.664 1.618l-6.056 6.104a.939.939 0 01-1.332 0L5.278 9.619C4.685 9.02 5.104 8 5.942 8z\"><\/path><\/svg><\/div>\n<p><\/label><\/div>\n<div data-currency=\"Column\" class=\"_12cv4d qVG6Ts\"><label class=\"_2lZ2l6\" for=\"nw-aria-ssr-4-5-1-1-4\"><span class=\"TS4Kq- _28z5Fp vRhsJJ _2lZ2l6\">How do you plan to use this property?<\/span><\/p>\n<div class=\"_1IaSjl emgdYA _1udEV5\"><select class=\"_18mj-v _30anQr _1udEV5 g2zh3L\" data-currency=\"Select\" id=\"nw-aria-ssr-4-5-1-1-4\" placeholder=\"Select your option\"><option value=\"\">Select your option<\/option><option selected value=\"primary\">Primary residence<\/option><option value=\"secondary\">Secondary residence<\/option><option value=\"investment\">Investment property<\/option><\/select><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\" class=\"_3qh7ju _2ulGkX\" fill=\"currentcolor\" focusable=\"false\"><path d=\"M5.942 8h12.116c.838 0 1.257 1.02.664 1.618l-6.056 6.104a.939.939 0 01-1.332 0L5.278 9.619C4.685 9.02 5.104 8 5.942 8z\"><\/path><\/svg><\/div>\n<p><\/label><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"_2w4PM3 _1TDqyw\"><button class=\"_3vZlz- _1egj3W IArdyX\" data-currency=\"Button\" type=\"button\"><\/p>\n<p><span class=\"_21EZtY _3VmbAf _8DgC29 _28z5Fp -Ibb7f\">Get Started<\/span><\/p>\n<p><\/button><\/p>\n<div class=\"PIqV0k _2HzeZ8 _28CJ7N\" style=\"width:200px\">\n<div style=\"width:200px\">\n<div class=\"_2vcpA4 _1jMsGa _3kfJwJ PIqV0k _2HzeZ8 _1TsDzX _2lZFUT _2molg9 sKjrZ8\" style=\"width:200px;gap:4px\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"16\" viewbox=\"0 0 16 16\" fill=\"none\"><path d=\"M8 0.666504L2 3.33317V7.33317C2 11.0332 4.56 14.4932 8 15.3332C11.44 14.4932 14 11.0332 14 7.33317V3.33317L8 0.666504ZM6.66667 11.3332L4 8.6665L4.94 7.7265L6.66667 9.4465L11.06 5.05317L12 5.99984L6.66667 11.3332Z\" fill=\"#006642\"><\/path><\/svg><span class=\"_2KctVY _28z5Fp\" style=\"font-size:11px;letter-spacing:0.055px\">Won\u2019t affect your credit score<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _2w4PM3 _1My7YX\" data-currency=\"Text\" id=\"buyers-are-fha-curious\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">Buyers are FHA-curious<\/span><\/h2>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">According to the MBA, last week&#8217;s rise in mortgage applications was driven by a surge in interest in <\/span><span class=\"_28z5Fp _3-to_p\">FHA loans<\/span><span class=\"_28z5Fp _3-to_p\">. These mortgages are insured by the Federal Housing Administration and require a down payment as low as 3.5%.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Most borrowers are required to pay mortgage insurance when buying a house with a down payment of less than 20%. A 20% down payment represents a big chunk of change, especially for first-time buyers. On a $400,000 home, a 20% down payment equals $80,000.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">There are two main types of mortgage insurance. One is the FHA, in which the government insures the mortgage. The other is <\/span><span class=\"_28z5Fp _3-to_p\">private mortgage insurance<\/span><span class=\"_28z5Fp _3-to_p\">, or PMI, for conventional loans. Whereas the FHA requires a down payment of at least 3.5%, you can make a down payment as small as 3% for a loan with PMI.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">A key difference between the two programs is that PMI premiums vary according to credit score. The lower the credit score, the more you pay each month for PMI. The FHA, on the other hand, charges the same premium regardless of credit score.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Here&#8217;s how these differences shake out: PMI tends to cost less every month for borrowers with credit scores of 760 or higher, according to data collected by the Urban Institute. The FHA tends to cost less every month for borrowers with credit scores below 760.<\/span><\/p>\n<\/div>\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">This isn&#8217;t an airtight rule. Interest rates on FHA-insured loans tend to be lower than on conventional loans, and that&#8217;s part of the reason FHA loans often cost less. But FHA&#8217;s edge over PMI gets bigger the further you descend the ladder of credit scores. FHA is almost always cheaper for borrowers with credit scores lower than 720.<\/span><\/p>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.nerdwallet.com\/article\/mortgages\/weekly-mortgage-rates-3-27-25\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It was a well-timed week for mortgage rates to stabilize: The 30-year mortgage averaged 6.77% in the week ending March 27, down three basis points from the previous week. A basis point is one one-hundredth of a percentage point. A three-basis-point decline sounds kind of measly, but it stopped a two-week streak of rising rates.<\/p>\n","protected":false},"author":1,"featured_media":12578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[195],"tags":[1343,944,5207,417,261,1105,62],"class_list":{"0":"post-12577","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-buying","9":"tag-fall","10":"tag-heats","11":"tag-mortgage","12":"tag-rates","13":"tag-season","14":"tag-weekly"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/12577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12577"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/12577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/12578"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}