Mortgage Rates Rise in Early 2024, Homebuying Challenges Persist As of January 8, 2024, key mortgage rates have seen an increase over the past week. The average rates for both 15-year and 30-year fixed mortgages have risen, along with a climb in the average rate for 5/1 adjustable-rate mortgages. Current rates are as follows: 7.07% for a 30-year fixed mortgage, 6.46% for a 15-year fixed mortgage, and 6.41% for a 5/1 adjustable-rate mortgage. Despite a drop from a peak of 8% in November, the most common mortgage rates are now hovering between 6% and 7%. Keith Gumbinger, vice president of HSH.com, notes that fluctuations in interest rates are typical in January. The housing market remains challenging due to high mortgage rates, elevated home prices, and limited inventory, making homebuying difficult for many. Experts advise potential homebuyers to focus on financial preparedness rather than trying to time the market. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Goldman still bullish on gold, China underpinning demand outlook By Investing.com READ MORE Fear Index' Doubles Amid Worldwide Stock Market Rout READ MORE Countries at Climate Risk Face Soaring Debt Payments, Report Reveals READ MORE Jackson Hole Symposium: Powell's Speech to Signal Fed's Rate Cut Strategy READ MORE Gold ETFs Wane Despite Highs: A Glimmer of Hope on the Horizon? READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment