Mortgage Rates for June 4, 2024
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At the start of the year, experts anticipated multiple rate cuts in 2024, but that has changed. Fixed mortgage rates align with the 10-year Treasury yield, influenced by the economy, inflation, and Federal Reserve decisions. On May 1, the Fed decided not to cut rates, with the next update due June 12. According to Dick Lepre of RealFinity, markets now expect only one rate cut for the rest of 2024, with rates staying flat. Buying a home often depends on personal needs, and it might be sensible to accept a higher rate now and refinance later to start building equity rather than waiting for potentially better rates and home prices.
All rate data is accurate as of June 4, 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 7.18 percent, marking an increase of 7 basis points compared to last week. Notably, just a month ago, the average rate was higher
at 7.25 percent, underscoring recent fluctuations in the market. At this rate, monthly payments total $677.43 per $100,000 borrowed in principal and interest, an increase of $4.72 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 6.69 percent, an increase of 8 basis points compared to last week. At this rate, monthly payments total $882 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 5.375% with a 5.729 APR – available today in our mortgage lender network.
