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Last week, 30-year mortgage rates averaged around 6.60%, according to Zillow data, down a bit from the week before. But rates ticked up a bit on Friday following the release of the latest jobs report, which showed that the U.S. economy added more jobs than expected in May.
Mortgage rates are expected to trend down this year as the economy slows. But this new labor market data suggests it could take a bit longer for rates to come down.
Investors are pricing in a 50% probability that the Federal Reserve will cut the federal funds rate at its meeting in September, according to the CME FedWatch Tool, and they still think it’s very likely that we’ll get at least one rate cut by the end of 2024. This would remove some of the upward pressure off of mortgage rates and allow them to trend down. But the economy needs to cool further before that can happen.
Current Mortgage Rates
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Current Refinance Rates
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Mortgage Calculator
Use our free mortgage calculator to see how today’s mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you’ll also understand how much you’ll pay over the entire length of your mortgage.
Mortgage Calculator
$1,161
Your estimated monthly payment
- Paying a 25% higher down payment would save you $8,916.08 on interest charges
- Lowering the interest rate by 1% would save you $51,562.03
- Paying an additional $500 each month would reduce the loan length by 146 months
Click “More details” for tips on how to save money on your mortgage in the long run.
Mortgage Rates for Buying a Home
30-Year Fixed Mortgage Drop (-0.38%)
The current average 30-year fixed mortgage rate is 6.53%, down 38 basis points from where it was this time last week, according to Zillow data. This rate is also down compared to a month ago, when it was also 6.73%.
At 6.53%, you’ll pay $634 monthly toward principal and interest for every $100,000 you borrow.
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you’ll pay back what you borrowed over 30 years, and your interest rate won’t change for the life of the loan.
20-Year Fixed Mortgage Rates Decrease (-0.33%)
The average 20-year fixed mortgage rate is 33 basis points down from where it was last week, and is sitting at 6.25%. This time last month, the rate was 6.34%.
With a 6.25% rate on a 20-year term, your monthly payment will be $731 toward principal and interest for every $100,000 borrowed.
A 20-year term isn’t as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option.
15-Year Fixed Mortgage Rates Go Down (-0.25%)
The average 15-year mortgage rate is 5.92%, 25 basis points lower than last week. It’s down slightly compared to this time last month, when it was 6.05%.
With a 5.92% rate on a 15-year term, you’ll pay $840 each month toward principal and interest for every $100,000 borrowed.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you’ll have a higher monthly payment than you would with a longer term.
7/1 ARM Rates Tick Up (+0.17%)
The 7/1 adjustable mortgage rate is up 17 basis points from a week ago at 6.80%. It’s also up compared to a month ago, when it was at 6.71%.
At 6.80%, your monthly payment would be $652 toward principal and interest for every $100,000 borrowed — but only for the first seven years. After that, your payment would increase or decrease annually depending on the new rate.
5/1 ARM Rates Inch Up (+0.06%)
The average 5/1 ARM rate is 6.75%, a six-basis-point increase from last week. It’s up compared to where it was a month ago, when it was 6.54%.
Here’s how a 6.75% rate would affect you for the first five years: You’d pay $649 per month toward principal and interest for every $100,000 you borrow.
30-year FHA Rates Fall (-0.27%)
The average 30-year FHA interest rate is 6.00% today, which is down 27 basis points from last week. This rate was 5.94% a month ago.
At 6.00%, you would pay $600 monthly toward principal and interest for every $100,000 borrowed.
FHA mortgages are good choices if you don’t qualify for a conforming mortgage. You’ll need a 3.5% down payment and 580 credit score to qualify.
30-year VA Rates Drop Somewhat (+0.32%)
The current VA mortgage rate is 5.82%, 32 basis points lower than this time last week. This rate was 6.07% a month ago.
With a 5.82% rate, your monthly payment would be $588 toward principal and interest for every $100,000 you borrow.
Mortgage Refinance Rates
30-Year Fixed Refinance Up Slightly (+0.12%)
The average 30-year refinance rate is 7.88%, 12 basis points higher than last week. It’s almost flat compared to a month ago, when it was 7.90%.
Here’s how a 7.88% rate would affect your monthly payments: You’d pay $725 toward principal and interest for every $100,000 borrowed.
Refinancing into a 30-year term can land you lower monthly payments, but you’ll ultimately pay more by refinancing into a longer term.
20-Year Fixed Refinance Rates Spike (+0.71%)
The current 20-year fixed refinance rate is 7.65%, which is up 71 basis points compared to a week ago. This rate was 6.72% this time last month.
A 7.65% rate on a 20-year term will result in a $815 monthly payment toward principal and interest for every $100,000 you borrow.
15-Year Fixed Refinance Rates Increase Over a Full Percentage Point (+1.20%)
The average 15-year fixed refinance rate is 6.99%, which is 120 basis points higher compared to last week. It’s flat compared to this time a month ago, when it was at 6.99%.
A 6.99% rate on a 15-year term means you’ll pay $898 each month toward principal and interest for every $100,000 borrowed.
Refinancing into a 15-year term can save you money in the long run, because you’ll get a lower rate and pay off your mortgage faster than you would with a 30-year term. But it could result in higher monthly payments.
7/1 ARM Refinance Rates Barely Inch Up (+0.05%)
The average 7/1 ARM refinance rate is 6.88%, up five basis points from where it was last week. It’s up from a month ago, when it was 6.59%.
Refinancing into a 7/1 ARM with a 6.88% rate means your monthly payment toward principal and interest will be $657 for every $100,000 you borrow. This will be the payment for the first seven years, then your rate will change annually unless you refinance again.
5/1 ARM Refinance Rates Go Down (-0.33%)
The 5/1 ARM refinance rate is 6.55%, which is 33 basis points lower than it was this time last week. It’s up compared to this time last month, when it was 6.42%.
A 6.55% rate will result in a monthly payment of $635 toward principal and interest for every $100,000 borrowed. You’ll pay this amount for the first five years of your new mortgage.
30-Year FHA Refinance Rates Flat (No Change)
The 30-year FHA refinance rate is 5.79%, which is the same as it was last week. It’s also flat from a month ago.
A 5.79% refinance rate would lead to a $586 monthly payment toward the principal and interest per $100,000 borrowed.
30-Year VA Refinance Rates Tick Down (-0.16)
The average 30-year VA refinance rate is 5.91%, which is down 16 basis points compared to where it was was last week. This rate was 5.86% a month ago.
At 5.91%, your new monthly payment would be $594 toward principal and interest for every $100,000 you borrow.
Are Mortgage Rates Going Down?
Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year. Though rates have been somewhat elevated recently, they should go down by the end of 2024.
For homeowners looking to leverage their home’s value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease further. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you’re borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you’d do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.