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Rates increase - Current mortgage rates for July 8, 2024

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National mortgage rates edged higher for all loan terms compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans increased.

Inflation has cooled somewhat, but homebuyers are still feeling limited by high prices and rates. At the close of the Fed meeting on June 12, policymakers chose to hold rates at current levels.. The next Fed meeting concludes July 31.

“With [the June 12] announcement, the Fed confirms its higher-for-longer position on interest rates,” says Dr. Selma Hepp, chief economist at CoreLogic. “But the stance is looking more untenable as more American households continue to pull back on spending. As more economic indicators begin to confirm this and unemployment begins to rise, the Fed will then look to cut rates. What’s not clear yet is when exactly the disinflation signs will be consistent enough for the first rate cut — we hope it's still this year.”

Often, though, the decision to buy a home isn’t based on what’s happening in the economy — it’s more personal. Depending on your situation, it might make sense to take a higher rate now and refinance later. This way you can start building equity, rather than chancing that buying a home will become more affordable in the future..

Mortgage type Today's rate Last week's rate Change
30-year fixed 7.08% 7.00% +0.08
15-year fixed 6.56% 6.50% +0.06
5/1 ARM 6.60% 6.53% +0.07
30-year fixed jumbo 7.16% 7.06% +0.10

Rates accurate as of July 8, 2024.

The rates listed here are Bankrate's overnight average rates and are based on the assumptions indicated here. Actual rates available on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, July 8th, 2024 at 7:30 a.m. ET.

30-year mortgage trends upward, +0.08%

Today's average 30-year fixed-mortgage rate is 7.08 percent, up 8 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 7.12 percent.

At the current average rate, you'll pay principal and interest of $670.68 for every $100,000 you borrow. That's an additional $5.38 per $100,000 compared to last week.

Traditional lending practices defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers because it allows the borrower to spread payments out over 30 years, keeping their monthly payment lower.

15-year fixed mortgage rate moves up, +0.06%

The average 15-year fixed-mortgage rate is 6.56 percent, up 6 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $874 per $100,000 borrowed. That may squeeze your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You'll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more rapidly.

5/1 ARM rate moves higher, +0.07%

The average rate on a 5/1 adjustable rate mortgage is 6.60 percent, adding 7 basis points over the last week.

Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. In other words, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These types of loans are best for those who expect to refinance or sell before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.

While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.

Monthly payments on a 5/1 ARM at 6.60 percent would cost about $639 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan's terms.

Jumbo mortgage increases, +0.10%

The average jumbo mortgage rate today is 7.16 percent, up 10 basis points over the last week. Last month on the 8th, the average rate on a jumbo mortgage was above that at 7.23 percent.

At today's average rate, you'll pay a combined $676.08 per month in principal and interest for every $100,000 you borrow. Compared to last week, that's $6.74 higher.

Mortgage refinance rates

30-year mortgage refinance trends upward, +0.09%

The average 30-year fixed-refinance rate is 7.09 percent, up 9 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was higher at 7.15 percent.

At the current average rate, you'll pay $671.36 per month in principal and interest for every $100,000 you borrow. That's an extra $6.06 compared with last week.

Where are mortgage rates heading?

The rates on 30-year mortgages mostly mirror the 10-year Treasury yield, which changes with the market. The yield curve is a tool used by investors to predict where interest rates could be headed.

“The yield curve remains inverted — no surprise here,” says Ken Johnson of Florida Atlantic University. “Until the yield curve reverts to its normal upward slope, we will not see significant downward pressure on mortgage rates.”

Besides bond yields, the Federal Reserve’s key benchmark rate also has an impact. The Fed has held this rate at a 23-year high since July 2023.

If and when the Fed cuts interest rates depends on evolving economic data, such as inflation and the jobs market. While inflation has fallen since its peak in 2022, it’s still well above the Fed’s target rate of 2 percent. Unemployment is still low, though in May it hit 4 percent for the first time since 2022.

“Much like that flight where departure keeps getting delayed 15 minutes at a time with no end in sight, the timetable for when the Fed begins to cut rates is equally uncertain,” says Greg McBride, CFA, Bankrate's chief financial analyst.

While the Fed bases its decisions on rate changes due to broader economic factors, your rate is also affected by personal finances. Depending on your credit score, down payment, debts and income, you could be quoted a rate that's higher or lower than the trend.

What these rates mean for your mortgage

Mortgage rates change daily, but it appears that, for now, they will remain above the historical lows of recent years. If you’re shopping for a mortgage, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.

To help you uncover the best deal, get at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.

"All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming," says Mark Hamrick, senior economic analyst for Bankrate. "But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”

More on current mortgage rates


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.

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