Mortgage Rates for June 26, 2024
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Inflation has eased slightly, but homebuyers still face high prices and rates. The Fed kept interest rates unchanged at the June 12 meeting, with the following decision set for July 31. Dr. Selma Hepp of CoreLogic suggests that the Fed’s stance on maintaining higher rates is becoming unsustainable as household spending decreases and unemployment rises. She anticipates rate cuts once disinflation signs are consistent, potentially later this year. Despite economic conditions, personal factors often drive homebuying decisions, and it may be wise to buy now and refinance later to start building equity.
All rate data is accurate as of June 26, 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, an increase of 2 basis points compared to last week. Notably, the average rate was higher just a month ago, at 7.17 percent. At this rate, monthly payments total $662.62 per $100,000 borrowed in principal and interest, a decrease of $1.34 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 6.45 percent, an increase of 7 points from last week. At this rate, monthly payments total $868 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 5.544 APR available today in our mortgage lender network.
