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Majority of rates fall | Today's mortgage rates for July 10th, 2024

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Mortgage rates were mostly lower compared to a week ago, according to data collected by Bankrate. The average rates for 30-year fixed, 15-year fixed and 5/1 ARM loans receded, while rates for jumbo loans rose.

Inflation has cooled somewhat, but homebuyers are still feeling the pressure of 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 hoping for a future of more favorable rates and home prices that might not materialize.

Loan type Today's rate Last week's rate Change
30-year fixed 6.98% 7.02% -0.04
15-year fixed 6.48% 6.54% -0.06
5/1 ARM 6.52% 6.59% -0.07
30-year fixed jumbo 7.08% 7.07% +0.01

Rates last updated July 10, 2024.

These rates are marketplace averages 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 Wednesday, July 10th, 2024 at 7:30 a.m. ET.

Today's 30-year mortgage rate eases, -0.04%

The average rate you'll pay for a 30-year fixed mortgage today is 6.98 percent, a decrease of 4 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 7.05 percent.

At the current average rate, you'll pay $663.96 per month in principal and interest for every $100,000 you borrow. That's down $2.69 from what it would have been last week.

Use Bankrate’s mortgage rate calculator to approximate your monthly payments and see how much you’ll save by adding extra payments. This calculator will also help you calculate how much interest you’ll fork up over the life of the loan.

15-year fixed mortgage rate eases, -0.06%

The average rate for a 15-year fixed mortgage is 6.48 percent, down 6 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $870 per $100,000 borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, 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 quickly.

5/1 adjustable rate mortgage moves down, -0.07%

The average rate on a 5/1 adjustable rate mortgage is 6.52 percent, sliding 7 basis points over the last week.

Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. To put it another way, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be much 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 6.52 percent would cost about $633 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan's terms.

Jumbo mortgage rate advances, +0.01%

The average jumbo mortgage rate is 7.08 percent, an increase of 1 basis point since the same time last week. Last month on the 10th, the average rate on a jumbo mortgage was greater than 7.08 at 7.15 percent.

At today's average rate, you'll pay principal and interest of $670.68 for every $100,000 you borrow. That's an additional $0.67 per $100,000 compared to last week.

Mortgage refinance rates

30-year mortgage refinance moves lower, -0.05%

The average 30-year fixed-refinance rate is 6.98 percent, down 5 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was higher at 7.09 percent.

At the current average rate, you'll pay $663.96 per month in principal and interest for every $100,000 you borrow. That's $3.36 lower, compared with last week.

Where are mortgage rates heading?

The rates on 30-year mortgages mostly align with 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 dropped from its height 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 current 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.

Keep in mind: You could save thousands over the life of your mortgage by getting 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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