Mortgage Rates for August 29, 2024
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Mortgage rates dropped in August following a weaker jobs report that unsettled investors, raising expectations for a Federal Reserve rate cut in September. Although the Fed doesn’t directly set fixed mortgage rates, its actions significantly influence them. Mortgage rates often move in tandem with the 10-year Treasury yield, which fluctuates based on investor confidence in the economy and monetary policy.
While these factors impact rates, the timing of buying or selling a home shouldn’t solely rely on economic indicators. If you’re ready to move, acting now may be wiser rather than waiting for market conditions to change. Comparing offers from different lenders can help you secure the best deal, regardless of current rates.
All rate data is accurate as of July 30, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.43 percent, a decrease of 9 basis points compared to last week. The average rate was higher just a month ago, at 6.77 percent. At this rate, monthly payments total $627.47 per $100,000 borrowed in principal and interest, a decrease of $5.91 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 5.83 percent, down 5 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 4.490 %, with a 4.835 APR available today in our mortgage lender network.
