Mortgage Rates for July 15, 2024
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Thirty-year fixed mortgage rates remain around 7 percent due to persistent inflation, exceeding the Federal Reserve’s 2 percent target. This inflation has led the Fed to maintain high federal funds rates. Mortgage rates are influenced by the 10-year Treasury yield, which rises with decreased demand for Treasury notes, often reflecting investor confidence in the economy. Despite these economic factors, personal housing needs might necessitate home buying or selling. Shopping around for the best possible mortgage rate is crucial in such cases.
All rate data is accurate as of July 15, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.92 percent, a decrease of 16 basis points compared to last week. Notably, the average rate was higher just a month ago, at 7.02 percent. At this rate, monthly payments total $659.94 per $100,000 borrowed in principal and interest, a decrease of $10.74 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 6.41 percent, up 15 points from last week. At this rate, monthly payments total $866 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 5.875%, with a 6.078 APR available today in our mortgage lender network.
