Mortgage Rates for August 26, 2024
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In August, mortgage rates dropped following a weaker jobs report that unsettled investors and bolstered expectations for a Federal Reserve rate cut in September. While the Fed doesn’t directly set fixed mortgage rates, its decisions impact them, as mortgage rates generally move in tandem with the 10-year Treasury yield. The yield on these notes tends to rise when investor confidence in the economy, including monetary policy, is vital. However, these economic indicators shouldn’t solely determine your decision to buy or sell a home. Regularly monitoring mortgage rates can help you secure the best deal if you’re financially prepared to move.
All rate data is accurate as of August 26, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.51 percent, a decrease of 5 basis points compared to last week. Notably, the average rate was higher just a month ago, at 6.88 percent. At this rate, monthly payments total $632.73 per $100,000 borrowed in principal and interest, a decrease of $3.29 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 5.91 percent, down 4 points from last week. At this rate, monthly payments total $839 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 4.6 %, with a 4.9 APR available today in our mortgage lender network.
