Mortgage Rates for June 18, 2024
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Inflation has eased somewhat, but homebuyers still struggle with high prices and rates. After the Fed meeting on June 12, policymakers decided to maintain current interest rates. Dr. Selma Hepp, chief economist at CoreLogic, believes the Fed’s higher-for-longer stance is becoming unsustainable as American households reduce spending. The Fed may consider cutting rates as economic indicators signal rising unemployment, though the timing remains uncertain. Despite economic conditions, buying a home can still be a wise decision based on personal circumstances, allowing buyers to build equity and potentially refinance later.
All rate data is accurate as of June 18, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 7.02 percent, marking a decrease of 10 basis points compared to last week. Notably, the average rate was higher just a month ago at 7.02 percent. At this rate, monthly payments total $666.65 per $100,000 borrowed in principal and interest, an increase of $6.73 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 19 points from last week. Monthly payments total $867 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 5.328 APR available today in our mortgage lender network.
