Mortgage Rates for June 7, 2024
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Experts predicted multiple rate cuts at the start of the year, but now many expect rates to remain high. Fixed mortgage rates are influenced by the 10-year Treasury yield, which fluctuates with economic conditions, inflation, and Federal Reserve decisions. Following the latest Fed meeting on May 1, policymakers decided against cutting rates. According to Dick Lepre of RealFinity, markets now anticipate only one rate cut for the rest of 2024, with rates expected to remain flat. Despite market trends, buying a home often depends on personal needs, and it might be wise to purchase now and refinance later to start building equity.
All rate data is accurate as of June 7, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 7.03 percent, marking a decrease of 14 basis points compared to last week. Notably, the average rate was higher just a month ago at 7.18 percent. At this rate, monthly payments total $667.32 per $100,000 borrowed in principal and interest, an increase of $9.44 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 6.54 percent, a decrease of 9 points from last week. At this rate, monthly payments total $873 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 5.677 APR is available today in our mortgage lender network.
