Mortgage Rates for June 13, 2024
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Inflation has eased somewhat, but homebuyers still face high prices and rates. At its June 12 meeting, the Fed decided not to change interest rates, maintaining a higher-for-longer stance. Dr. Selma Hepp, chief economist at CoreLogic, suggests this position may become untenable as household spending declines and unemployment rises, potentially prompting a rate cut later this year. Despite economic conditions, home-buying decisions are often personal, and it might make sense to accept a higher rate now and refinance later. This approach allows buyers to start building equity rather than hoping for more affordable housing in the future.
All rate data is accurate as of June 13, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 7.05 percent, marking a decrease of 1 basis point compared to last week. Notably, the average rate was higher just a month ago at 7.02 percent. At this rate, monthly payments total $668.66 per $100,000 borrowed in principal and interest, an increase of $0.68 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 6.50 percent, a decrease of 6 points from last week. Monthly payments total $871 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 5.317 APR available today in our mortgage lender network.
