Mortgage Rates for June 28, 2024
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Inflation has cooled, but homebuyers still face high prices and rates. After the Fed’s June 12 meeting, policymakers kept interest rates unchanged. Dr. Selma Hepp, chief economist at CoreLogic, notes that the Fed’s higher-for-longer rate stance seems unsustainable as household spending declines and unemployment rises. The timing of the first rate cut remains uncertain, though it could happen this year if disinflation signs persist. For many, buying a home is a personal decision, and it might be wise to accept a higher rate now and refinance later to start building equity.
All rate data is accurate as of June 28, 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 8 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 $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 6.47 percent, an increase of 12 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 5.125%, with a 5.449 APR available today in our mortgage lender network.
