This is just a friendly reminder that April 15th is the last day to file your 2023 taxes in the United States. Also, don’t forget that one of the best ways to mitigate liability is through the mortgage interest deduction.
Homebuyers might want to temper their expectations for significant declines in mortgage rates as the spring housing season commences. The inflation rate increased to 3.2% year-over-year in February, as highlighted in the latest consumer price index report. This marks the third consecutive month of rising inflation rates, diverging further from the U.S. Federal Reserve’s 2% target.
Florida Realtors has put together the infographic below that shows how monthly payments for a home purchased at the median sale price in Florida change with a 1% change in mortgage interest rates. As the swings in mortgage rate changes have narrowed in recent months, the upside of waiting for a potential mortgage rate drop has likely shrunk as well.
Mortgage interest rates have trended slightly down over the last 30 days. The recent change will save new borrowers about $5 per month for every $100,000 borrowed. Average U.S. interest rates for 30-year fixed rate mortgages were at 7.50% as of this week. Last month at this time, they were sitting at 7.57%. Recent forecasts for changes in interest rates remain mixed.
Mortgage interest rates have trended up over the last 30 days. The recent change will cost new borrowers about $26 per month for every $100,000 borrowed. Average U.S. interest rates for 30-year fixed rate mortgages were at 7.57% as of this week. Last month at this time, they were sitting at 7.18%.