Mortgage Rates for June 21, 2024
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According to Dr. Selma Hepp, chief economist at CoreLogic, the Fed’s June 12 announcement reaffirms its “higher-for-longer” stance on interest rates. However, this position appears increasingly unsustainable as American households reduce spending. Hepp anticipates that rising unemployment and more economic indicators will eventually lead the Fed to cut rates, potentially this year. Despite economic factors, homebuying decisions are often personal. It may be wise for some to accept a higher rate now and refinance later, allowing them to start building equity rather than waiting for potentially better rates and prices.
All rate data is accurate as of June 21, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.92 percent, marking a decrease of 8 basis points compared to last week. Notably, the average rate was higher just a month ago at 7.08 percent. At this rate, monthly payments total $659.94 per $100,000 borrowed in principal and interest, a decrease of $5.36 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 6.35 percent, a decrease of 8 points from last week. Monthly payments total $863 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 5.250%, with a 5.538 APR available today in our mortgage lender network.
