Mortgage rates keep sinking—with the 30-year and 15-year averages falling to their cheapest levels since February 2023. Rates inched lower for many other loan types as well.
A better marker of what to expect from mortgage rates, rather than looking at the federal funds rate, may be the 10-year... Contrast jumbo mortgages with the conforming loans just...
After shooting from upper-6% territory into a low-7% range, 30-year mortgage rates have dropped two days in a row, pushing the flagship average back down near 7%.
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Mortgage interest rates today, July 1, 2024: The average rate for a 30-year term is 7.36%. Every change in rate means savings or costs for homebuyers.
After plunging below the 6% threshold last month—to the lowest level since September 2022—30-year mortgage rates have been wavering in a slightly higher range.
Loan Term, Change, Rate ; 30-Year Fixed, -0.03, 6.44% ; 15-Year Fixed, -0.03, 5.87% ; 30-Year FHA, +0.03, 6.65%
Key Takeaways ; Mortgage rates fluctuate on a daily basis because of factors like Federal Reserve policies, economic trends, supply and demand, and inflation. ; The current average mortgage rate on a 30-year fixed-rate mortgage, the most popular home loan, is 6.90%, a 4 basis point jump from the previous week. ; Borrowers looking for a shorter payoff horizon with 15-year fixed mortgages face an average rate of 6.16%, a decrease of 1 basis points from a week ago.
Rates on 30-year mortgages have wavered in a narrow range for the past week, keeping well above last month's sub-6% low. Most loan types saw just minor rate movement Friday.
Rates on 30-year new purchase mortgages rose again, extending their upward trend from last month's below-6% lows. Rates on most other loan types ticked up as well.