Mortgage Rates for August 23, 2024
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In July, the average 30-year fixed mortgage rate fell below 7 percent for the first time in months, following a positive June inflation report. Inflation has consistently exceeded the Federal Reserve’s 2 percent target, leading the Fed to maintain its elevated benchmark rate, a stance they reinforced during their July meeting. Market watchers now anticipate that the Fed might begin cutting rates in September. While the Fed doesn’t directly set mortgage rates, its decisions influence them, as mortgage rates typically follow the 10-year Treasury yield. Despite these factors, if you’re ready to buy or sell a home, it may be better to act now and shop for the best mortgage rate rather than trying to time the market.
All rate data is accurate as of August 23, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.49 percent, a decrease of 7 basis points compared to last week. The average rate was higher just a month ago, at 6.86 percent. At this rate, monthly payments total $631.41 per $100,000 borrowed in principal and interest, a decrease of $4.61 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 5.84 percent, down 6 points from last week. At this rate, monthly payments total $835 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.
