Mortgage Rates for July 17, 2024

Thirty-year fixed mortgage rates remain in the 7 percent range due to persistently high inflation, which has exceeded the Federal Reserve’s 2 percent target. This inflation has led the Fed to maintain elevated federal funds rates. According to Greg McBride, CFA’s chief financial analyst for Bankrate, inflation data will influence mortgage rates this summer. Although the Fed’s rate doesn’t directly set fixed mortgage rates, these tend to follow the 10-year Treasury yield, which rises when investor confidence in the economy is high. Regardless of these factors, if you need to buy or sell a home now, shopping around for the best rate available is essential.

All rate data is accurate as of July 17, 2024, at 7:30 a.m. ET.

Today’s 30-year mortgage interest rate

Today, the average 30-year fixed mortgage rate is 6.86 percent, a decrease of 12 basis points compared to last week. Notably, the average rate was higher just a month ago, at 6.96 percent. At this rate, monthly payments total $655.93 per $100,000 borrowed in principal and interest, a decrease of $8.03 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 6.38 percent, down 10 points from last week. At this rate, monthly payments total $629 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.