Mortgage Rates for July 30, 2024
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In mid-July, the average rate on a 30-year fixed mortgage dropped below 7 percent, spurred by better inflation numbers in June. Inflation has been higher than the Federal Reserve’s 2 percent target, causing the Fed to keep its benchmark rate elevated, a policy likely to continue this week. However, market experts predict the Fed may start cutting rates in September. Greg McBride, CFA, chief financial analyst for Bankrate, notes that “inflation pressures are easing and we’re getting closer to Fed interest rate cuts.” If you are in a position to buy or sell a home, it might be better to act now rather than wait for the market to change, and always shop around for the best mortgage deal.
All rate data is accurate as of July 30, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.88 percent, an increase of 1 basis points compared to last week. Notably, the average rate was higher just a month ago, at 7.02 percent. At this rate, monthly payments total $657.26 per $100,000 borrowed in principal and interest, an increase of $0.67 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 6.56 percent, down 2 points from last week. At this rate, monthly payments total $636 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 5.625%, with a 5.864 APR available today in our mortgage lender network.
