Mortgage Rates for June 3, 2024

Many experts predicted multiple rate cuts in 2024 at the beginning of the year, but that outlook has now changed, according to bankrate.com. Fixed mortgage rates follow the 10-year Treasury yield, which fluctuates with the economy, inflation, and Federal Reserve decisions. On May 1, the Fed decided not to cut rates, with the following announcement expected on June 12. Dick Lepre of RealFinity notes that markets anticipate only one rate cut for the rest of 2024, with rates remaining flat. Despite market conditions, buying a home often depends on personal needs, and it might be wiser to buy now and refinance later to start building equity.

All rate data is accurate as of June 3, 2024, at 7:30 a.m. ET.

Today’s 30-year mortgage interest rate

Today, the average 30-year fixed mortgage rate has climbed to 7.17 percent, marking an increase of 9 basis points compared to last week. Notably, just a month ago, the average rate was higher 

at 7.33 percent, underscoring recent fluctuations in the market. At this rate, monthly payments total $676.76 per $100,000 borrowed in principal and interest, an increase of $6.08 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 6.66 percent, an increase of 16 basis points compared to last week. At this rate, monthly payments total $880 per $100,000 borrowed, 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 5.520% with a 5.765  APR – available today in our mortgage lender network.