Mortgage Rates for June 11, 2024

Experts now predict that rates will remain high for longer, contrary to earlier expectations of multiple rate cuts this year. The economy, inflation, and Federal Reserve decisions influence fixed mortgage rates aligning with the 10-year Treasury yield. Following the latest Fed meeting on May 1, policymakers chose not to cut rates, with the announcement scheduled for June 12. Dick Lepre from RealFinity notes that markets expect only one rate cut for the rest of 2024, with rates staying flat. It may be practical for homebuyers to accept higher rates now and refinance later rather than waiting for potentially lower rates and prices.

All rate data is accurate as of June 11, 2024, at 7:30 a.m. ET.

Today’s 30-year mortgage interest rate

Today, the average 30-year fixed mortgage rate is 7.12 percent, marking a decrease of 6 basis points compared to last week. Notably, the average rate was higher just a month ago at 7.17 percent. At this rate, monthly payments total $673.38 per $100,000 borrowed in principal and interest, an increase of $4.05 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 6.62 percent, a decrease of 7 points from last week. Monthly payments total $878 per $100,000 borrowed at this rate, so choosing this repayment plan presents notable advantages. 

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 4.990%, with a 5.326 APR available today in our mortgage lender network.