Mortgage Rates for June 20, 2024
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Inflation has eased somewhat, but homebuyers still face high prices and rates. Following the June 12 Fed meeting, policymakers kept interest rates unchanged. Dr. Selma Hepp, chief economist at CoreLogic, notes that the Fed’s “higher-for-longer” stance on rates is becoming less sustainable as household spending decreases. She predicts that rising unemployment and consistent disinflation signs could prompt a rate cut, possibly within this year. Despite economic conditions, buying a home makes sense for some, as building equity now could be more beneficial than waiting for potentially lower rates and prices.
All rate data is accurate as of June 20, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.96 percent, marking a decrease of 9 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 $662.62 per $100,000 borrowed in principal and interest, a decrease of $6.04 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 6.37 percent, a decrease of 23 points from last week. Monthly payments total $864 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 5.316 APR available today in our mortgage lender network.
