Mortgage Rates for August 6, 2024
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In July, the average rate on a 30-year fixed mortgage dipped below 7 percent for the first time since February, influenced by a favorable June inflation report. The Federal Reserve has kept its benchmark rate high to combat inflation, a stance maintained in its July meeting. Market experts anticipate the Fed may start cutting rates in September, given the weakening but resilient labor market and inflation progress. Although the Fed doesn’t directly set fixed mortgage rates, its policies influence the 10-year Treasury yield, which impacts mortgage rates. Regardless of the Fed’s actions, it’s often wise to act now if you’re looking to buy or sell a home and compare lenders to find the best deal.
All rate data is accurate as of August 6, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.69 percent, a decrease of 19 basis points compared to last week. The average rate was higher just a month ago, at 6.98 percent. At this rate, monthly payments total $644.61 per $100,000 borrowed in principal and interest, a decrease of $12.65 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 6.14 percent, down 19 points from last week. At this rate, monthly payments total $851 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 5.375 %, with a 5.403 APR available today in our mortgage lender network.
