Mortgage Rates for June 24, 2024
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Inflation has cooled somewhat, but high prices and rates still constrain homebuyers. Following the June 12 Fed meeting, policymakers maintained interest rates. The next Fed meeting will conclude on July 31.
“The Fed’s June 12 announcement reaffirms its higher-for-longer interest rate stance,” says Dr. Selma Hepp, chief economist at CoreLogic. “However, this position is increasingly untenable as more households reduce spending. As economic indicators continue to reflect this and unemployment rises, the Fed will likely consider cutting rates. The timing of consistent disinflation signs that would trigger the first rate cut remains unclear — we hope it will be this year.”
Often, the decision to buy a home is more personal than economic. Depending on your situation, it might make sense to accept a higher rate now and refinance later, allowing you to start building equity rather than waiting for potentially better rates and home prices that may never come.
All rate data is accurate as of June 24, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.95 percent, marking a decrease of 6 basis points compared to last week. Notably, the average rate was higher just a month ago at 7.11 percent. At this rate, monthly payments total $661.95 per $100,000 borrowed in principal and interest, a decrease of $4.02 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 6.39 percent, a decrease of 6 points from last week. At this rate, monthly payments total $865 per $100,000 borrowed.
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 5.548 APR available today in our mortgage lender network.
