Majority of rates fall | Mortgage rates for today, August 1, 2024

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Aug 01, 2024 / 4 min read

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Mortgage interest rates were mostly lower compared to a week ago, according to Bankrate data. Average rates for 30-year fixed, 15-year fixed and jumbo mortgages receded, while rates for ARM loans rose.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	6.83%	6.86%	-0.03
15-year fixed	6.27%	6.28%	-0.01
5/1 ARM	6.30%	6.29%	+0.01
30-year fixed jumbo	6.90%	6.97%	-0.07

Rates as of August 1, 2024.

These rates are Bankrate's overnight average rates and are based on the assumptions here. Actual rates listed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Thursday, August 1st, 2024 at 7:30 a.m. ET.

Market mortgage rates fluctuate as the economy evolves , 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, real life doesn't necessarily consider the Fed, inflation and yields. If you're in a position to buy or sell a home now, it might be better to make a move than try to wait out the market. Wherever prevailing rates are, shop lenders to help uncover the best deal.

30-year mortgage falls, -0.03%

Today's average 30-year fixed-mortgage rate is 6.83 percent, down 3 basis points since the same time last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 7.08 percent.

At the current average rate, you'll pay $653.92 per month in principal and interest for every $100,000 you borrow. That's a decline of $2.01 from last week.

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

15-year mortgage rate moves lower, -0.01%

The average 15-year fixed-mortgage rate is 6.27 percent, down 1 basis point over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $859 per $100,000 borrowed.

5/1 ARM advances, +0.01%

The average rate on a 5/1 ARM is 6.30 percent, climbing 1 basis point over the last week.

Monthly payments on a 5/1 ARM at 6.30 percent would cost about $619 for each $100,000 borrowed over the initial five years.

Jumbo mortgage rate falls, -0.07%

Today's average rate for jumbo mortgages is 6.90 percent, a decrease of 7 basis points over the last week. This time a month ago, the average rate on a jumbo mortgage was above that at 7.14 percent.

At the average rate today for a jumbo loan, you'll pay $658.60 per month in principal and interest for every $100,000 you borrow. That represents a decline of $4.69 over what it would have been last week.

Current 30 year mortgage refinance rate declines, -0.02%

The average 30-year fixed-refinance rate is 6.88 percent, down 2 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was higher at 7.11 percent.

At the current average rate, you'll pay $657.26 per month in principal and interest for every $100,000 you borrow. That's down $1.34 from what it would have been 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.