Mortgage Rates for June 14, 2024

Inflation has shown signs of easing, yet prospective homebuyers continue to grapple with elevated prices and interest rates following the latest Federal Reserve meeting on June 12, where no rate changes were made. Dr. Selma Hepp, chief economist at CoreLogic, notes the Fed’s commitment to maintaining higher interest rates for an extended period despite potential challenges posed by reduced consumer spending and rising unemployment. She anticipates that a shift to rate cuts could occur as economic indicators further reflect upward disinflation and unemployment trends. However, the timing of such a move remains uncertain. Despite economic uncertainties, personal circumstances often dictate home purchase decisions. This suggests that some buyers may secure a mortgage at current rates and consider refinancing, thereby initiating equity growth without relying on future rate reductions or housing market corrections.

All rate data is accurate as of June 14, 2024, at 7:30 a.m. ET.

Today’s 30-year mortgage interest rate

Today, the average 30-year fixed mortgage rate is 7.00 percent, marking a decrease of 3 basis points compared to last week. Notably, the average rate was higher just a month ago at 7.04 percent. At this rate, monthly payments total $665.30 per $100,000 borrowed in principal and interest, an increase of $2.02 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 6.43 percent, a decrease of 13 points from last week. At this rate, monthly payments total $646 per $100,000 borrowed, 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 5.318 APR available today in our mortgage lender network.