Mortgage Rates for August 2, 2024
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The average rate on a 30-year fixed mortgage dropped below 7 percent in mid-July due to improved inflation numbers in June. Inflation has consistently exceeded the Federal Reserve’s 2 percent target, prompting the Fed to maintain its elevated benchmark rate, a policy reaffirmed at its July meeting. Market watchers now anticipate the Fed may start cutting rates in September, driven by a weakening yet still robust labor market and progress on inflation. Although the Fed doesn’t directly set fixed mortgage rates, its decisions influence them as mortgage rates typically follow the 10-year Treasury yield. Given the complexities of market predictions, those in a position to buy or sell a home may find it advantageous to act now rather than wait for potential rate changes and should compare lenders to secure the best deal.
All rate data is accurate as of August 2, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.77 percent, a decrease of 8 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 $649.93 per $100,000 borrowed in principal and interest, a decrease of $5.33 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 6.21 percent, down 6 points from last week. At this rate, monthly payments total $855 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 4.490%, with a 4.767% APR available today in our mortgage lender network.
