Rates increase - Today's mortgage rates for August 16, 2024

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Aug 16, 2024 / 3 min read

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National mortgage rates increased for all types of loans compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans increased.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	6.56%	6.50%	+0.06
15-year fixed	5.90%	5.86%	+0.04
5/1 ARM	6.21%	6.20%	+0.01
30-year fixed jumbo	6.70%	6.68%	+0.02

Rates as of August 16, 2024.

The rates listed above are averages based on the assumptions indicated here. Actual rates available within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Friday, August 16th, 2024 at 7:30 a.m. ET.

Market mortgage rates constantly change as the economy ebbs and flows, 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?

In mid-July, the average rate on a 30-year fixed mortgage slipped under 7 percent thanks to better inflation numbers in June. 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, your housing needs might change regardless of the Fed, inflation and yields. If you want to buy a home or need to sell now, shop around to find the lowest-possible rate.

30-year fixed-rate mortgage climbs, +0.06%

The average rate you'll pay for a 30-year fixed mortgage today is 6.56 percent, an increase of 6 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 6.85 percent.

At the current average rate, you'll pay $636.02 per month in principal and interest for every $100,000 you borrow. That's an increase of $3.95 over what you would have paid last week.

Use our mortgage calculator to approximate your monthly payments and see how much you’ll save by adding extra payments. Our tool will also help you calculate how much interest you’ll pay over the life of the loan.

15-year mortgage rate goes up, +0.04%

The average rate for a 15-year fixed mortgage is 5.90 percent, up 4 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost $838 per $100,000 borrowed.

5/1 ARM advances, +0.01%

The average rate on a 5/1 ARM is 6.21 percent, rising 1 basis point over the last 7 days.

Monthly payments on a 5/1 ARM at 6.21 percent would cost about $613 for each $100,000 borrowed over the initial five years.

Jumbo mortgage interest rate moves up, +0.02%

The average jumbo mortgage rate is 6.70 percent, an increase of 2 basis points over the last seven days. A month ago, the average rate for jumbo mortgages was higher at 6.94 percent.

At the current average rate, you'll pay principal and interest of $645.28 for every $100,000 you borrow. That's an extra $1.33 compared with last week.

30-year mortgage refinance rate moves higher, +0.04%

The average 30-year fixed-refinance rate is 6.54 percent, up 4 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was higher at 6.84 percent.

At the current average rate, you'll pay $634.70 per month in principal and interest for every $100,000 you borrow. That's an extra $2.63 compared with last week.

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.

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.