"Current Mortgage Rates Hold Steady at 7% on April 13, 2024"

The average 30-year fixed mortgage rate is approaching 7%, with expectations for gradual decrease throughout 2024. Potential home buyers may save by waiting for lower rates, but those ready to buy now should consider starting their home-buying journey. Both 30-year and 15-year mortgage rates have increased this week. Pros and cons of 30-year and 15-year fixed mortgage rates are discussed, along with considerations for adjustable-rate mortgages. While current rates are higher than in 2021, it may still be a better time to buy than expected, with growing new-home construction and less rapid house price growth.