Mortgage Rates for August 27, 2024
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Mortgage rates declined in August following a disappointing jobs report that rattled investors and heightened anticipation of a potential Federal Reserve rate cut in September. While the Fed doesn’t directly set fixed mortgage rates, its actions significantly influence them. Mortgage rates typically fluctuate with the 10-year Treasury yield, which increases when investor confidence in the economy is strong. However, market conditions don’t align perfectly with economic indicators like Fed policies, inflation, or Treasury yields. If you’re considering buying or selling a home, acting now might be wiser than waiting for uncertain market shifts, and shopping around with different lenders could help you secure the best rate.
All rate data is accurate as of August 27, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.53 percent, a decrease of 5 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 $634.04 per $100,000 borrowed in principal and interest, a decrease of $3.30 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 5.96 percent, down 5 points from last week. At this rate, monthly payments total $842 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 4.971 APR available today in our mortgage lender network.
