Mortgage Rates for August 1, 2024
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The Fed’s July statement suggests a higher chance of rate cuts in September due to a weakening but still strong labor market and progress on inflation. While the Fed doesn’t set fixed mortgage rates, its decisions impact them through the 10-year Treasury yield. This yield rises when demand for notes decreases, typically when investors are confident in the economy. If you’re ready to buy or sell a home, consider acting now and shop for the best mortgage deal.
All rate data is accurate as of August 1, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.83 percent, an increase of 3 basis points compared to last week. Notably, the average rate was higher just a month ago, at 7.08 percent. At this rate, monthly payments total $653.92 per $100,000 borrowed in principal and interest, a decline of $2.01 per $100,000 compared to the previous week.
Today’s 15-year mortgage interest rate
The latest average rate for a 15-year fixed mortgage is 6.27 percent, down 1 point from last week. At this rate, monthly payments total $859 per $100,000 borrowed.
Consumers should shop around to get the best deal. Rates below national averages are available. FreeRateUpdate.com has verified fixed mortgage rates as low as 4.750%, with a 5.082 APR available today in our mortgage lender network.
