Mortgage Rates for July 18, 2024

Greg McBride, CFA’s chief financial analyst for Bankrate, says inflation data will drive mortgage rate movements this summer. Although the Fed’s rate doesn’t directly set fixed mortgage rates, these rates generally follow the 10-year Treasury yield. The 10-year yield increases when investor confidence in the economy is high, reducing demand for notes. Despite these economic factors, they shouldn’t solely determine your decision to buy or sell a home. If you’re ready to move financially, regularly check mortgage rates to find the most affordable lender.

All rate data is accurate as of July 18, 2024, at 7:30 a.m. ET.

Today’s 30-year mortgage interest rate

Today, the average 30-year fixed mortgage rate is 6.83 percent, a decrease of 14 basis points compared to last week. Notably, the average rate was higher just a month ago, at 6.92 percent. At this rate, monthly payments total $653.92 per $100,000 borrowed in principal and interest, a decrease of $9.37 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 6.31 percent, down 13 points from last week. At this rate, monthly payments total $861 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 4.875%, with a 5.228 APR available today in our mortgage lender network.