Most rates increase | Today’s mortgage rates for August 15, 2024
Mortgage rates were mostly higher compared to a week ago, according to Bankrate data. Average rates for 30-year fixed, 15-year fixed and ARMs increased, while rates for jumbo loans stayed the same.
| Loan type | Today’s rate | Last week’s rate | Change |
|---|---|---|---|
| 30-year fixed | 6.56% | 6.52% | +0.04 |
| 15-year fixed | 5.93% | 5.91% | +0.02 |
| 5/1 ARM | 6.02% | 5.99% | +0.03 |
| 30-year fixed jumbo | 6.69% | 6.69% | N/C |
Rates as of August 15, 2024.
The rates listed here are Bankrate’s overnight average rates and are based on the assumptions here. Actual rates listed on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Thursday, August 15th, 2024 at 7:30 a.m. ET.
Market mortgage rates shift up and down as the economy changes, new data releases 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?
For the first time in months, the average 30-year fixed mortgage rate slid under 7 percent in July, after a promising June inflation reading. Inflation has run hotter than the Federal Reserve’s 2 percent target for some time now, prompting the Fed to keep its benchmark rate elevated — a policy the central bank held firm on at its July meeting. As of now, market watchers expect the Fed to start cutting rates in September.
“The Fed’s statement [in July] seems to imply the probability of rate decrease in September has increased due to a weakening — but still strong — labor market and progress on inflation,” says Allison Kaminaga, lecturer of Mathematics and Economics at Bryant University.
The Fed doesn’t outright determine fixed mortgage rates, but its decisions matter. Mortgages tend to 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, the Fed, inflation and yields shouldn’t necessarily drive your decision to buy or sell a home. There’s no surefire way to time the housing market, either. If you’re financially ready to move, check mortgage rates regularly to help find the lowest-cost lender.
30-year fixed-rate mortgage rises, +0.04%
The average rate for a 30-year fixed mortgage for today is 6.56 percent, an increase of 4 basis points over the last week. Last month on the 15th, the average rate on a 30-year fixed mortgage was higher, at 6.82 percent.
At the current average rate, you’ll pay principal and interest of $636.02 for every $100,000 you borrow. Compared to last week, that’s $2.64 higher.
15-year mortgage rate increases, +0.02%
The average rate for a 15-year fixed mortgage is 5.93 percent, up 2 basis points over the last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost $840 per $100,000 borrowed.
5/1 adjustable rate mortgage climbs, +0.03%
The average rate on a 5/1 ARM is 6.02 percent, climbing 3 basis points since the same time last week.
Monthly payments on a 5/1 ARM at 6.02 percent would cost about $601 for each $100,000 borrowed over the initial five years.
Jumbo mortgage flat for the week
Today’s average rate for jumbo mortgages is 6.69 percent, unchanged over the last week. A month ago, jumbo mortgages’ average rate was greater than 6.69 at 6.93 percent.
At today’s average jumbo rate, you’ll pay principal and interest of $644.61 for every $100,000 you borrow.
30-year mortgage refinance moves down, -0.01%
The average 30-year fixed-refinance rate is 6.55 percent, down 1 basis point over the last week. A month ago, the average rate on a 30-year fixed refinance was higher at 6.78 percent.
At the current average rate, you’ll pay $635.36 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $0.66 lower.
When will mortgage rates go down?
While 30-year mortgage rates moved down slightly in July, it’s unlikely there’ll be a meaningful drop beyond that if the economy continues its strong streak.
Forecasters expect rates to land closer to mid-6 percent by the end of 2024, according to Bankrate’s August mortgage rate outlook.
“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.
