Mortgage Rates for June 17, 2024
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Homebuyers are still struggling with high prices and interest rates despite some inflation cooling. The Federal Reserve did not change interest rates at their June 12 meeting; the next meeting is scheduled for July 31. Dr. Selma Hepp, chief economist at CoreLogic, suggests that the Fed’s higher-for-longer stance on rates may become unsustainable as consumer spending decreases and unemployment rises. The timing of potential rate cuts remains uncertain, although there is hope for a reduction later this year. Ultimately, home-buying decisions are often personal. For some, it might be wise to accept higher rates now and refinance later to start building equity rather than waiting for potentially better conditions.
All rate data is accurate as of June 17, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 7.01 percent, marking a decrease of 4 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 $665.97 per $100,000 borrowed in principal and interest, an increase of $2.69 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 6.45 percent, a decrease of 12 points from last week. Monthly payments total $868 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 5.324 APR available today in our mortgage lender network.
