Mortgage Rates for July 31, 2024
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The average 30-year fixed mortgage rate dropped below 7 percent in mid-July due to improved inflation numbers from June. Inflation has been above the Federal Reserve’s 2 percent target, leading to elevated benchmark rates, a trend likely to continue with the Fed’s upcoming meeting. Market watchers expect rate cuts to start in September. While the Fed doesn’t set fixed mortgage rates, its decisions influence them through the 10-year Treasury yield. If you’re ready to buy or sell a home, it might be wise to act now and shop for the best deal.
All rate data is accurate as of July 31, 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 2 basis points compared to last week. Notably, the average rate was higher just a month ago, at 7.06 percent. At this rate, monthly payments total $655.26 per $100,000 borrowed in principal and interest, an increase of $1.33 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 1 point 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 4.625%, with a 4.961 APR available today in our mortgage lender network.
