Mortgage Rates for June 6, 2024
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Mortgage rates are now closely following the 10-year Treasury yield, influenced by economic conditions, inflation, and Federal Reserve decisions. After the Fed’s meeting on May 1, they decided not to cut rates, and the next update is expected on June 12. According to Dick Lepre of RealFinity, the market anticipates just one rate cut for the remainder of 2024, keeping rates steady. Despite market fluctuations, homebuying often depends on personal needs rather than timing. Sometimes, it might be better to accept a higher rate now and refinance later to start building equity sooner.
All rate data is accurate as of June 6, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 7.06 percent, marking a decrease of 11 basis points compared to last week. Notably, the average rate was higher just a month ago at 7.14 percent. At this rate, monthly payments total $669.34 per $100,000 borrowed in principal and interest, an increase of $7.42 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 6.56 percent, a decrease of 6 points from last week. Monthly payments total $874 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 5.375% with a 5.708 APR – available today in our mortgage lender network.
