Mortgage Rates for July 2, 2024
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Inflation has cooled, but homebuyers still face high prices and rates. The Fed held off on changing interest rates at their June 12 meeting, maintaining a “higher-for-longer” stance. Dr. Selma Hepp, chief economist at CoreLogic, notes that this position seems increasingly untenable as households reduce spending and unemployment rises. The Fed may cut rates once disinflation signs are consistent, potentially later this year. Despite economic conditions, personal factors often drive homebuying decisions, and it might make sense to accept higher rates now and refinance later to start building equity.
All rate data is accurate as of July 2, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 7.07 percent, an increase of 7 basis points compared to last week. Notably, the average rate was higher just a month ago, at 7.10 percent. At this rate, monthly payments total $670.01 per $100,000 borrowed in principal and interest, a decrease of $4.71 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 6.59 percent, up 13 points from last week. At this rate, monthly payments total $876 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.
