Rates decline - Today's mortgage rates for August 8, 2024

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Aug 08, 2024 / 4 min read

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Mortgage rates came down across the board compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all declined.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	6.52%	6.83%	-0.31
15-year fixed	5.91%	6.27%	-0.36
5/1 ARM	5.99%	6.30%	-0.31
30-year fixed jumbo	6.69%	6.90%	-0.21

Rates accurate as of August 8, 2024.

These rates are marketplace averages based on the assumptions shown here. Actual rates listed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Thursday, August 8th, 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?

For the first time in months, the average 30-year fixed mortgage rate slid under 7 percent in July, after a promising June inflation reading. 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 rate drops, -0.31%

Today's average rate for the benchmark 30-year fixed mortgage is 6.52 percent, down 31 basis points over the last seven days. Last month on the 8th, the average rate on a 30-year fixed mortgage was higher, at 6.94 percent.

At the current average rate, you'll pay a combined $633.38 per month in principal and interest for every $100,000 you borrow. That's $20.54 lower, compared with last week.

Most mortgage lenders defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers because it allows the borrower to scatter payments out over 30 years, keeping their monthly payment lower.

15-year mortgage rate retreats, -0.36%

The average rate for the benchmark 15-year fixed mortgage is 5.91 percent, down 36 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $839 per $100,000 borrowed.

5/1 ARM rate drops, -0.31%

The average rate on a 5/1 adjustable rate mortgage is 5.99 percent, sliding 31 basis points from a week ago.

Monthly payments on a 5/1 ARM at 5.99 percent would cost about $599 for each $100,000 borrowed over the initial five years.

Jumbo loan interest rate slides, -0.21%

The current average rate you'll pay for jumbo mortgages is 6.69 percent, down 21 basis points from a week ago. This time a month ago, the average rate was higher at 7.04 percent.

At the current average rate, you'll pay a combined $644.61 per month in principal and interest for every $100,000 you borrow. That's $13.99 lower, compared with last week.

Current 30 year mortgage refinance rate declines, -0.32%

The average 30-year fixed-refinance rate is 6.56 percent, down 32 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was higher at 6.94 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 $21.24 lower, 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.