Mortgage Rates for August 8, 2024
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The average 30-year fixed mortgage rate fell below 7 percent in July for the first time in months, thanks to a positive June inflation report. Persistent inflation above the Federal Reserve’s 2 percent target led the Fed to maintain its high benchmark rate in July. Market watchers expect the Fed to start cutting rates in September. According to Allison Kaminaga from Bryant University, the Fed’s statement suggests a higher probability of a rate decrease due to a weakening labor market and progress on inflation. While the Fed’s decisions influence the 10-year Treasury yield, which affects mortgage rates, they don’t directly set fixed mortgage rates.
All rate data is accurate as of August 8, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.52 percent, a decrease of 31 basis points compared to last week. Notably, the average rate was higher just a month ago, at 6.94 percent. At this rate, monthly payments total $ 633.38 per $100,000 borrowed in principal and interest, a decrease of $20.54 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 5.91 percent, down 31 points from last week. At this rate, monthly payments total $599 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.
