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Mortgage refinance rates reported on April 10, 2024
Mortgage News Daily reported 6.58% for a 30-year fixed mortgage and 6.15% for a 15-year fixed mortgage in its April 10, 2024 daily newsletter. The newsletter described a pronounced increase in average lender rates during that day. Its page also showed FHA, VA, jumbo, and adjustable-rate figures; those are distinct loan categories and should not be treated as one universal refinance rate. Mortgage News Daily’s April 10, 2024 rate page.
The figures are market estimates, not a guarantee that a lender would offer those rates to an individual borrower. The cited snapshot does not establish a personal rate, APR, points, closing costs, eligibility, or a particular lender’s offer.
How the April 10 snapshot compares with nearby benchmarks
| Source and date | 30-year fixed | 15-year fixed | What the figures represent |
|---|---|---|---|
| Mortgage News Daily, April 10, 2024 | 6.58% | 6.15% | Daily lender-market estimate. Source. |
| Freddie Mac PMMS, published April 4, 2024 | 6.82% | 6.06% | Weekly averages based on qualifying conventional conforming home-purchase applications over the preceding Thursday-to-Wednesday period; benchmark context, not an April 10 refinance quote. Source. |
| FHFA, April 2024 | 6.99% | not stated (FHFA, April 2024 report) | Monthly average 30-year fixed rate; not the rate for April 10 specifically. Source. |
The figures differ partly because they describe different time windows and populations. Freddie Mac’s weekly PMMS is a purchase-application benchmark, while Mortgage News Daily’s number is a daily lender-market estimate. Neither should be read as a quote for a specific refinance borrower.
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What April’s refinance data says about borrower activity
FHFA’s April 2024 monthly report put the average 30-year fixed rate at 6.99%. It also found that 71% of refinances that month were cash-out refinances, while 10% entered 15-year mortgages. These are monthly statistics, not a breakdown of April 10 offers. FHFA linked the high cash-out share to higher rates reducing opportunities for borrowers to refinance into lower rates and monthly payments without taking cash out. FHFA’s April 2024 report.
Mortgage News Daily’s April 10 newsletter carried MBA Vice President and Deputy Chief Economist Joel Kan’s comments about the prior week: rates had moved higher amid a patient posture on rate cuts, persistent inflation, economic resilience, and stronger-than-expected employment data. The newsletter also attributed to Kan a report that purchase applications fell almost 5% to their lowest level since the end of February, while refinance applications rose 10%, driven particularly by VA refinance applications. These describe market conditions and application activity, not a forecast for an individual borrower. Mortgage News Daily’s April 10 newsletter.
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How to judge whether refinancing makes sense
A lower monthly payment by itself does not prove that refinancing saves money. Compare the full cost and payoff schedule of the new loan with what you expect to gain, including how long you plan to keep the home. A refinance that replaces a loan with a longer term can lower the payment while extending the time you owe money.
Estimate break-even for a rate-and-term refinance
For a straightforward rate-and-term refinance, a basic estimate is:
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Break-even months = total refinance costs ÷ expected monthly savings
Use this as a screening calculation, then consider whether you expect to stay in the home beyond the estimated break-even point. It is not an appropriate shortcut for cash-out refinances or when reducing the loan term, because those choices change the amount borrowed or payoff schedule. Freddie Mac’s consumer guidance explains these trade-offs. Freddie Mac’s refinancing guidance.
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Compare offers on the same basis
Request written loan estimates from multiple lenders, comparing the same loan type and term. Look at the interest rate alongside points and fees, the monthly principal-and-interest payment, total refinance costs, estimated break-even time, and whether the new term shortens or extends the payoff schedule. For a cash-out refinance, separate the cash withdrawn from the rate-and-payment comparison so the additional borrowing is clear. Freddie Mac recommends shopping and comparing loan estimates.
Match the loan change to the goal
- Lower rate or payment: Weigh the expected savings against fees and the time you expect to keep the loan.
- Shorter term: A shorter-term refinance can build equity faster, pay off the home sooner, and reduce total interest, but the payment may be higher.
- ARM to fixed: Switching from an adjustable-rate mortgage to a fixed-rate loan may be useful if payment stability is a priority; compare the new costs and terms.
- Cash out: Evaluate the purpose of the withdrawal and the cost of borrowing against home equity, rather than treating the cash as a rate reduction.
Freddie Mac’s guidance covers these refinance objectives and the importance of comparing lender estimates. Read the consumer refinancing guidance.
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