Mortgage Rates for July 22, 2024

The Fed’s rate doesn’t directly determine fixed mortgage rates; instead, these rates fluctuate with the 10-year Treasury yield. The 10-year yield increases when there’s less demand for notes, often occurring when investors are confident in the economy and monetary policy. In reality, factors like the Fed, inflation, and yields are just part of the picture. If you’re ready to buy or sell a home now, it might be wiser to act rather than waiting for market changes. Regardless of current rates, compare lenders to find the best deal.

All rate data is accurate as of July 22, 2024, at 7:30 a.m. ET.

Today’s 30-year mortgage interest rate

Today, the average 30-year fixed mortgage rate is 6.85 percent, a decrease of 7 basis points compared to last week. Notably, the average rate was higher just a month ago, at 7.00 percent. At this rate, monthly payments total $655.26 per $100,000 borrowed in principal and interest, a decrease of $4.68 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 6.29 percent, down 12 points from last week. At this rate, monthly payments total $860 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 5.170 APR available today in our mortgage lender network.