Mortgage Rates for June 12, 2024
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The outlook on mortgage rates has shifted, with expectations now that rates will stay high. Fixed mortgage rates move with the 10-year Treasury yield, which is influenced by the economy, inflation, and Federal Reserve decisions. After the Fed’s May 1 meeting, policymakers decided not to cut rates, with the next update on June 12. According to Dick Lepre of RealFinity, markets anticipate only one rate cut for the remainder of 2024, keeping rates flat. It may be wise for potential homebuyers to accept higher rates now and refinance later rather than waiting for a possibly more affordable market.
All rate data is accurate as of June 12, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 7.09 percent, marking a decrease of 1 basis point compared to last week. Notably, the average rate was higher just a month ago at 7.13 percent. At this rate, monthly payments total $671.36 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 6.61 percent, a decrease of 3 points from last week. Monthly payments total $877 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 5.309 APR available today in our mortgage lender network.
