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Rates decrease | Today's mortgage rates for July 11, 2024

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Mortgage rates dropped across all terms from a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all dropped.

Loan type Today's rate Last week's rate Change
30-year fixed 6.97% 7.06% -0.09
15-year fixed 6.44% 6.53% -0.09
5/1 ARM 6.38% 6.46% -0.08
30-year fixed jumbo 7.06% 7.09% -0.03

Rates accurate as of July 11, 2024.

These rates are marketplace averages based on the assumptions shown here. Actual rates listed on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Thursday, July 11th, 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?

Thirty-year fixed mortgage rates remain around 7 percent mostly due 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, 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.

Current 30 year mortgage rate dips, -0.09%

Today's average rate for the benchmark 30-year fixed mortgage is 6.97 percent, a decrease of 9 basis points over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was higher, at 7.00 percent.

At the current average rate, you'll pay $663.29 per month in principal and interest for every $100,000 you borrow. That represents a decline of $6.05 over what it would have been last week.

There are various benefits to choosing a fixed-rate mortgage when buying new house, including predictable mortgage payments.

Learn more: What is a fixed-rate mortgage and how does it work?

15-year mortgage rate trends down, -0.09%

The average rate for the benchmark 15-year fixed mortgage is 6.44 percent, down 9 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $868 per $100,000 borrowed.

5/1 adjustable rate mortgage drops, -0.08%

The average rate on a 5/1 adjustable rate mortgage is 6.38 percent, sliding 8 basis points from a week ago.

Monthly payments on a 5/1 ARM at 6.38 percent would cost about $624 for each $100,000 borrowed over the initial five years.

Current jumbo mortgage rate retreats, -0.03%

Today's average rate for jumbo mortgages is 7.06 percent, a decrease of 3 basis points since the same time last week. Last month on the 11th, jumbo mortgages' average rate was above that at 7.17 percent.

At the average rate today for a jumbo loan, you'll pay a combined $669.34 per month in principal and interest for every $100,000 you borrow. That's down $2.02 from what it would have been last week.

30-year mortgage refinance slides, -0.09%

The average 30-year fixed-refinance rate is 6.99 percent, down 9 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was unchanged at 6.99 percent.

At the current average rate, you'll pay $664.63 per month in principal and interest for every $100,000 you borrow. That's lower by $6.05 than it would have been 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


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.