Mortgage Rates for July 24, 2024

Inflation data will drive mortgage rate movements this summer, according to Greg McBride, CFA, chief financial analyst for Bankrate. While 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 there’s less demand for these notes, often when investors are confident in the economy and monetary policy. In practice, though, waiting for perfect market conditions isn’t always feasible for homebuyers or sellers. It’s often better to act now and shop around for the best mortgage deal available.

All rate data is accurate as of July 24, 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, an increase of 1 basis point compared to last week. Notably, the average rate was higher just a month ago, at 7.00 percent. At this rate, monthly payments total $656.59 per $100,000 borrowed in principal and interest, a decrease of $0.66 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 6.32 percent, down 6 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 4.99%, with a 5.322 APR available today in our mortgage lender network.