Mortgage Rates for August 20, 2024
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In mid-July, 30-year fixed mortgage rates dipped below 7 percent following favorable inflation data from June. Although inflation has remained above the Federal Reserve’s 2 percent target, the Fed maintained its high benchmark rate in July, with many expecting rate cuts in September. The Fed’s decisions impact mortgage rates indirectly through the 10-year Treasury yield, which moves with investor confidence in the economy. Despite these factors, it’s nearly impossible to time the housing market perfectly. If you’re ready to buy a home, regularly monitor rates to find the best deal.
All rate data is accurate as of August 20, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.58 percent, a decrease of 1 basis point compared to last week. The average rate was higher just a month ago, at 6.87 percent. At this rate, monthly payments total $637.34 per $100,000 borrowed in principal and interest, an increase of $0.66 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 6.01 percent, down 10 points from last week. At this rate, monthly payments total $614 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 4.625 %, with a 4.995 APR available today in our mortgage lender network.
