Mortgage rates for August 5, 2024
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The average rate on a 30-year fixed mortgage dropped below 7 percent in July, the first time since February, driven by a positive June inflation report. The Federal Reserve kept its benchmark rate elevated at its July meeting but may start cutting rates in September. This expectation is due to a weakening labor market and progress on inflation, according to Allison Kaminaga from Bryant University. Mortgage rates are influenced by the 10-year Treasury yield, which reflects investor confidence in the economy. For those buying or selling a home, shopping around for the best rate available is crucial.
All rate data is accurate as of August 5, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.75 percent, a decrease of 11 basis points compared to last week. Notably, the average rate was higher just a month ago, at 7.07 percent. At this rate, monthly payments total $648.60 per $100,000 borrowed in principal and interest, a decrease of $7.33 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 6.19 percent, down 10 points from last week. At this rate, monthly payments total $854 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 4.819 APR available today in our mortgage lender network.
