Mortgage Rates for June 5, 2024
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The outlook for mortgage rates has shifted. Fixed mortgage rates track the 10-year Treasury yield, which fluctuates with the economy, inflation, and Federal Reserve decisions. On May 1, the Fed chose not to cut rates, with the announcement scheduled for June 12. According to Dick Lepre of RealFinity, markets expect only one rate cut in 2024, with rates remaining stable. Buying a home often depends on personal needs, and it might be wise to accept a higher rate now and refinance later to start building equity rather than hoping for lower rates and more affordable home prices.
All rate data is accurate as of June 5, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 7.18 percent, marking a decrease of 3 basis points compared to last week. Notably, the average rate was higher
just a month ago at 7.19 percent. At this rate, monthly payments total $672.03 per $100,000 borrowed in principal and interest, an increase of $2.03 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 6.64 percent, unchanged from last week. Monthly payments total $879 per $100,000 borrowed at this rate, 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 5.250% with a 5.654 APR – available today in our mortgage lender network.
