Mortgage Rates for August 22, 2024
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In July, the average rate on a 30-year fixed mortgage dipped below 7 percent for the first time since February, thanks to an improved June inflation report. Inflation has been running above the Federal Reserve’s 2 percent target, leading the Fed to maintain its elevated benchmark rate, a stance they upheld during their July meeting. While market watchers anticipate the Fed might begin cutting rates in September, the central bank’s decisions indirectly influence mortgage rates, which typically fluctuate with the 10-year Treasury yield. However, these factors shouldn’t solely determine your decision to buy or sell a home. If you’re ready to move, consistently checking mortgage rates can help you secure the best deal.
All rate data is accurate as of August 22, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.52 percent, a decrease of 4 basis points compared to last week. The average rate was higher just a month ago, at 6.85 percent. At this rate, monthly payments total $633.38 per $100,000 borrowed in principal and interest, a decrease of $2.64 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 5.88 percent, down 5 points from last week. At this rate, monthly payments total $837 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 4.932 APR available today in our mortgage lender network.
