Mortgage Rates Decline, Similar to Year Ago

Mortgage rates in the United States declined on average for the week ending March 7, 2024, and were slightly above rates last year, according to Freddie Mac’s weekly Primary Mortgage Market Survey.

The 30-year, fixed-rate mortgage loan averaged 6.88 percent, down from 6.94 percent the week before. During the same week last year, the 30-year note averaged 6.73 percent.

“Evidence that purchase demand remains sensitive to interest rate changes was on display this week, as [mortgage loan] applications rose for the first time in six weeks in response to lower rates,” Freddie Mac’s Chief Economist Sam Khater said. “Mortgage rates continue to be one of the biggest hurdles for potential homebuyers looking to enter the market.

Depending on a prospective home buyer’s credit score, down payment, and loan type, local mortgage rates may be lower than the national average. Investing the time to speak with a loan officer who offers various first-time and other loan programs is essential. It’s more complex than asking someone where current interest rates stand.

New Hampshire Home Prices Rise in January

The median price of a single-family home in New Hampshire rose nearly 9 percent in January to $445,000 compared to $410,000 in January 2023, according to the New Hampshire Association of Realtors.

New Hampshire house sales rose 6 percent to 663 from 628 in January 2023, surprising since inventory remained tight. Only about six weeks of inventory were available at the end of January.

New Hampshire condominium prices jumped 25 percent in January year over year to $425,000, and condo sales were up 16 percent to 229. On January 31, 2024, 480 units were on the market, an increase of more than 6 percent from January 2023. 

Rhode Island Home Sales Down, Prices Up in January

The median price of a single-family home in Rhode Island jumped nearly 13 percent to $441,750 in January, up about $50,000, compared to January 2023, according to the State-Wide Multiple Listing Service.

House sales fell 4 percent in January to 442 from 462 in January 2023. There were 758 sales in January 2022. Single-family inventory dropped more than 13 percent. There were 845 houses on the market.

Home buyers bought 89 condominiums in January, just five fewer than in January 2023. In January 2022, 161 units were sold.

The median condo price grew less than 2 percent, from $320,000 in January 2023 to $325,000 in January 2024.