Mortgage Rates for July 1, 2024
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Dr. Selma Hepp, chief economist at CoreLogic, notes that the Fed’s June 12 announcement reaffirms its higher-for-longer interest rate stance. However, she highlights the growing strain on American households, which are cutting back on spending. As economic indicators worsen and unemployment rises, Hepp predicts the Fed will eventually cut rates, though the timing remains uncertain. The first-rate cut may come once consistent signs of disinflation appear, potentially later this year. Despite economic conditions, personal circumstances often drive home-buying decisions, and it might be beneficial to accept higher rates now and refinance later to start building equity sooner.
All rate data is accurate as of July 1, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 7.00 percent, an increase of 5 basis points compared to last week. Notably, the average rate was higher just a month ago, at 7.18 percent. At this rate, monthly payments total $665.30 per $100,000 borrowed in principal and interest, a decrease of $3.35 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 6.50 percent, down 11 points from last week. At this rate, monthly payments total $871 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 5.725 APR available today in our mortgage lender network.
