Mortgage Rates for June 27, 2024

Inflation has cooled somewhat, but homebuyers still face high prices and rates. At the close of the June 12 Fed meeting, policymakers held off on changing interest rates, maintaining a higher-for-longer stance. Dr. Selma Hepp, chief economist at CoreLogic, believes this stance will become untenable as American households reduce spending and unemployment rises, possibly leading to rate cuts later this year. However, home buying is often personal and not solely based on economic conditions. Depending on individual circumstances, it might make sense to accept a higher rate now and refinance later to start building equity.

All rate data is accurate as of June 27, 2024, at 7:30 a.m. ET.

Today’s 30-year mortgage interest rate

Today, the average 30-year fixed mortgage rate is 7.00 percent, an increase of 4 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 $665.30 per $100,000 borrowed in principal and interest, a decrease of $2.68 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 6.46 percent, an increase of 9 points from last week. At this rate, monthly payments total $869 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 5.562 APR available today in our mortgage lender network.