Rates remain elevated – Current mortgage rates, July 24th, 2024
Mortgage rates were mixed compared to last week, according to Bankrate data. See below for a detailed breakdown of how each loan type moved.
| Mortgage type | Today’s rate | Last week’s rate | Change |
|---|---|---|---|
| 30-year fixed | 6.87% | 6.86% | +0.01 |
| 15-year fixed | 6.32% | 6.38% | -0.06 |
| 5/1 ARM | 6.41% | 6.45% | -0.04 |
| 30-year fixed jumbo | 6.99% | 6.94% | +0.05 |
Rates accurate as of July 24, 2024.
These rates are Bankrate’s overnight average rates and are based on the assumptions indicated here. Actual rates listed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Wednesday, July 24th, 2024 at 7:30 a.m. ET.
Market mortgage rates constantly change as the economy ebbs and flows, policymakers and investors digest new data and lenders decide how much risk they’re willing to tolerate on a given day.
Historical mortgage rates: How do today’s rates compare to years past?
Thirty-year fixed mortgage rates haven’t budged from the 7 percent range thanks mainly to inflation, which has run hotter than the Federal Reserve’s 2 percent target for some time now. Those higher prices have prompted the Fed to keep the federal funds rate elevated.
“Inflation data will be the catalyst for movement in mortgage rates this summer,” says Greg McBride, CFA, chief financial analyst for Bankrate.
The Fed’s rate doesn’t outright determine fixed mortgage rates, however. Rather, they increase or decrease with the 10-year Treasury yield, the effective yield rate on 10-year Treasury notes. The 10-year yield rises when there’s less demand for notes — and this tends to happen when investors feel confident in the economy, including monetary policy.
Still, real life doesn’t necessarily consider the Fed, inflation and yields. If you’re in a position to buy or sell a home now, it might be better to make a move than try to wait out the market. Wherever prevailing rates are, shop lenders to help uncover the best deal.
30-year fixed-rate mortgage advances, +0.01%
The average rate for a 30-year fixed mortgage for today is 6.87 percent, up 1 basis point over the last week. Last month on the 24th, the average rate on a 30-year fixed mortgage was higher, at 7.00 percent.
At the current average rate, you’ll pay $656.59 per month in principal and interest for every $100,000 you borrow. Compared to last week, that’s $0.66 higher.
Use the loan widgets on this page or head to our primary rates page to see what kind of rates are available in your situation. You just need to give us a little information about your finances and where you live. With that data, Bankrate can show you real-time estimates of mortgages available to you from a number of providers.
15-year mortgage rate moves lower, -0.06%
The average rate for a 15-year fixed mortgage is 6.32 percent, down 6 basis points from a week ago.
Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $861 per $100,000 borrowed.
5/1 adjustable rate mortgage eases, -0.04%
The average rate on a 5/1 adjustable rate mortgage is 6.41 percent, falling 4 basis points since the same time last week.
Monthly payments on a 5/1 ARM at 6.41 percent would cost about $626 for each $100,000 borrowed over the initial five years.
Jumbo mortgage rises, +0.05%
The average jumbo mortgage rate today is 6.99 percent, up 5 basis points from a week ago. This time a month ago, the average rate for jumbo mortgages was above that at 7.07 percent.
At today’s average rate, you’ll pay a combined $664.63 per month in principal and interest for every $100,000 you borrow. That’s an extra $3.35 compared with last week.
Today’s 30-year mortgage refinance rate rises, +0.01%
The average 30-year fixed-refinance rate is 6.88 percent, up 1 basis point over the last seven days. A month ago, the average rate on a 30-year fixed refinance was higher at 7.02 percent.
At the current average rate, you’ll pay $657.26 per month in principal and interest for every $100,000 you borrow. That’s an increase of $0.67 over what you would have paid last week.
When will mortgage rates go down?
Thirty-year mortgage rates could slip under 7 percent by end of year, according to Bankrate’s July 2024 forecast.
There won’t be a meaningful drop beyond that, however, if the economy continues its strong streak.
“Even if the Fed starts cutting rates this year, mortgage rates won’t get down to, or below, 6 percent unless there is a significant economic slowdown,” McBride says.
More on current mortgage rates
- Mortgage rate trend predictions for this week
- The latest mortgage news for this week
- Compare current mortgage rates
Methodology
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
