Mortgage Rates for June 19, 2024
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Inflation has cooled somewhat, but homebuyers still face high prices and rates. The Fed held interest rates steady at their June 12 meeting and will reconvene on July 31. Dr. Selma Hepp, chief economist at CoreLogic, noted that the Fed’s stance on maintaining higher rates is becoming less tenable as household spending declines and unemployment rises. She anticipates that rate cuts will occur once disinflation trends are consistently evident, potentially later this year. Despite economic uncertainties, homebuying decisions often hinge on personal circumstances, and it may be beneficial to accept higher rates now with the option to refinance later and start building equity immediately.
All rate data is accurate as of June 19, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.94 percent, marking a decrease of 10 basis points compared to last week. Notably, the average rate was higher just a month ago at 7.03 percent. At this rate, monthly payments total $661.28 per $100,000 borrowed in principal and interest, a decrease of $10.08 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 6.38 percent, a decrease of 23 points from last week. Monthly payments total $865 per $100,000 borr
owed 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 5.285 APR available today in our mortgage lender network.
