Mortgage Rates for July 26, 2024

Inflation data is expected to drive changes in mortgage rates this summer, according to Greg McBride, CFA, chief financial analyst for Bankrate. While the Federal Reserve’s rate doesn’t directly set fixed mortgage rates, these rates tend to follow the 10-year Treasury yield. The yield on these Treasury notes increases when demand is low, often reflecting investor confidence in the economy and monetary policy. Despite fluctuations in inflation and yields, individual housing needs may necessitate action regardless of market conditions. Prospective buyers and sellers should shop around for the best available rates to meet their needs.

All rate data is accurate as of July 26, 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, an increase of 3 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, an increase of $2.00 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 6.27 percent, up 4 points from last week. At this rate, monthly payments total $859 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 5.000%, with a 5.354 APR available today in our mortgage lender network.