Mortgage Rates for July 16, 2024
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Thirty-year fixed mortgage rates remain around 7 percent, mainly due to persistent inflation, which has exceeded the Federal Reserve’s 2 percent target. As a result, the Fed has kept the federal funds rate high. Fixed mortgage rates are influenced by the 10-year Treasury yield, which increases when investor confidence in the economy is high. Despite these economic factors, if you’re ready to buy or sell a home, it might be wise to act now rather than wait for the market to change. Shopping around for lenders can help you find the best deal available.
All rate data is accurate as of July 16, 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 15 basis points compared to last week. Notably, the average rate was higher just a month ago, at 7.94 percent. At this rate, monthly payments total $659.94 per $100,000 borrowed in principal and interest, a decrease of $10.07 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 6.45 percent, down 11 points from last week. At this rate, monthly payments total $868 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 5.584 APR available today in our mortgage lender network.
