Rates down | Mortgage rates for today, July 15, 2024

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Jul 15, 2024 / 3 min read

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National mortgage rates fell across the board from a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all fell.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	6.92%	7.08%	-0.16
15-year fixed	6.41%	6.56%	-0.15
5/1 ARM	6.51%	6.60%	-0.09
30-year fixed jumbo	7.02%	7.16%	-0.14

Rates as of July 15, 2024.

These rates are marketplace averages based on the assumptions here. Actual rates available across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, July 15th, 2024 at 7:30 a.m. ET.

Market mortgage rates constantly change as the economy ebbs and flows, policymakers and investors digest new data 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 haven't budged from the 7 percent range thanks mainly 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, 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 dips, -0.16%

Today's average 30-year fixed-mortgage rate is 6.92 percent, down 16 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 7.02 percent.

At the current average rate, you'll pay a combined $659.94 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $10.74 lower.

15-year mortgage rate retreats, -0.15%

The average rate for the benchmark 15-year fixed mortgage is 6.41 percent, down 15 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $866 per $100,000 borrowed.

5/1 ARM rate declines, -0.09%

The average rate on a 5/1 ARM is 6.51 percent, sliding 9 basis points since the same time last week.

Monthly payments on a 5/1 ARM at 6.51 percent would cost about $633 for each $100,000 borrowed over the initial five years.

Jumbo loan interest rate retreats, -0.14%

The current average rate you'll pay for jumbo mortgages is 7.02 percent, a decrease of 14 basis points over the last seven days. This time a month ago, the average rate for jumbo mortgages was higher at 7.17 percent.

At the current average rate, you'll pay principal and interest of $666.65 for every $100,000 you borrow. That represents a decline of $9.43 over what it would have been last week.

30-year mortgage refinance rate moves down, -0.16%

The average 30-year fixed-refinance rate is 6.93 percent, down 16 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was higher at 6.96 percent.

At the current average rate, you'll pay $660.61 per month in principal and interest for every $100,000 you borrow. That's a decline of $10.75 from 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.

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.