Rates remain elevated | Current mortgage rates, July 25th, 2024

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Jul 25, 2024 / 3 min read

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Mortgage rates moved in different directions compared to last week, according to Bankrate data. Keep reading for a breakdown of how different loan types moved.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	6.86%	6.83%	+0.03
15-year fixed	6.28%	6.31%	-0.03
5/1 ARM	6.29%	6.29%	N/C
30-year fixed jumbo	6.97%	6.89%	+0.08

Rates accurate as of July 25, 2024.

These rates are averages based on the assumptions here. Actual rates displayed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Thursday, July 25th, 2024 at 7:30 a.m. ET.

Market mortgage rates shift up and down as the economy changes, new data comes in 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 remain around 7 percent mostly due 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 mortgage rate moves up, +0.03%

Today's average rate for the benchmark 30-year fixed mortgage is 6.86 percent, an increase of 3 basis points since the same time last week. Last month on the 25th, the average rate on a 30-year fixed mortgage was higher, at 7.00 percent.

At the current average rate, you'll pay principal and interest of $655.93 for every $100,000 you borrow. That's an increase of $2.01 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. This calculator will also help you calculate how much interest you’ll pay over the life of the loan.

15-year mortgage rate retreats, -0.03%

The average rate for a 15-year fixed mortgage is 6.28 percent, down 3 basis points since the same time last week.

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

5/1 ARM rate flat for the week

The average rate on a 5/1 ARM is 6.29 percent, unchanged over the last 7 days.

Monthly payments on a 5/1 ARM at 6.29 percent would cost about $618 for each $100,000 borrowed over the initial five years.

Jumbo mortgage advances, +0.08%

The average jumbo mortgage rate is 6.97 percent, an increase of 8 basis points from a week ago. This time a month ago, jumbo mortgages' average rate was above that at 7.10 percent.

At today's average rate, you'll pay a combined $663.29 per month in principal and interest for every $100,000 you borrow. That's $5.36 higher compared with last week.

30-year fixed-rate refinance goes up, +0.05%

The average 30-year fixed-refinance rate is 6.90 percent, up 5 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher at 6.99 percent.

At the current average rate, you'll pay $658.60 per month in principal and interest for every $100,000 you borrow. That's an extra $3.34 compared with 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.