Mortgage Rates for July 23, 2024

“Inflation data will drive mortgage rate changes this summer,” says Greg McBride, CFA, chief financial analyst for Bankrate. While the Fed’s rate doesn’t directly set fixed mortgage rates, these rates fluctuate with the 10-year Treasury yield. This yield increases when demand for Treasury notes drops, which usually happens when investors are confident in the economy and monetary policy. Despite these factors, real-life decisions on buying or selling a home might not wait for perfect market conditions. It’s often wise to act now and shop around for the best deal, regardless of prevailing rates.

All rate data is accurate as of July 23, 2024, at 7:30 a.m. ET.

Today’s 30-year mortgage interest rate

Today, the average 30-year fixed mortgage rate is 6.87 percent, a decrease of 5 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 $656.59 per $100,000 borrowed in principal and interest, a decrease of $3.35 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 6.33 percent, down 12 points from last week. At this rate, monthly payments total $862 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 4.99%, with a 5.322 APR available today in our mortgage lender network.