Mortgage Rates for August 7, 2024
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In July, the average rate on a 30-year fixed mortgage fell below 7 percent for the first time since February, influenced by an improved June inflation report. The Federal Reserve maintained its high benchmark rate in July, responding to persistent inflation above its 2 percent target. Market watchers now expect the Fed to start cutting rates in September. According to Allison Kaminaga from Bryant University, the Fed’s recent statement suggests a higher probability of a rate decrease due to a weakening, still strong, labor market and progress on inflation. While the Fed’s decisions don’t directly set fixed mortgage rates, they influence the 10-year Treasury yield, which affects mortgage rates.
All rate data is accurate as of August 7, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.56 percent, a decrease of 29 basis points compared to last week. Notably, the average rate was higher just a month ago, at 6.97 percent. At this rate, monthly payments total $636.02 per $100,000 borrowed in principal and interest, a decrease of $19.24 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 6.00 percent, down 24 points from last week. At this rate, monthly payments total $611 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 5.250%, with a 5.647 APR available today in our mortgage lender network.
