Rates decline | Today's mortgage rates for July 16, 2024

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Jul 16, 2024 / 3 min read

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Mortgage rates trended lower on all loan terms from a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all moved lower.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	6.92%	7.07%	-0.15
15-year fixed	6.45%	6.56%	-0.11
5/1 ARM	6.62%	6.68%	-0.06
30-year fixed jumbo	7.04%	7.23%	-0.19

Rates accurate as of July 16, 2024.

The rates listed here are Bankrate's overnight average rates and are based on the assumptions here. Actual rates displayed on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Tuesday, July 16th, 2024 at 7:30 a.m. ET.

Market mortgage rates shift up and down as the economy changes, 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 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, 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 dips, -0.15%

The average rate for a 30-year fixed mortgage for today is 6.92 percent, down 15 basis points over the last seven days. A month ago, 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 $659.94 per month in principal and interest for every $100,000 you borrow. That's lower by $10.07 than it would have been last week.

Use Bankrate’s mortgage rate calculator to calculate 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 your loan.

15-year mortgage rate declines, -0.11%

The average 15-year fixed-mortgage rate is 6.45 percent, down 11 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $868 per $100,000 borrowed.

5/1 adjustable rate mortgage slides, -0.06%

The average rate on a 5/1 ARM is 6.62 percent, down 6 basis points over the last week.

Monthly payments on a 5/1 ARM at 6.62 percent would cost about $640 for each $100,000 borrowed over the initial five years.

Jumbo loan interest rate falls, -0.19%

Today's average rate for jumbo mortgages is 7.04 percent, a decrease of 19 basis points over the last week. Last month on the 16th, the average rate was below that at 7.02 percent.

At today's average rate, you'll pay $667.99 per month in principal and interest for every $100,000 you borrow. That's lower by $12.83 than it would have been last week.

30-year fixed-rate refinance eases, -0.12%

The average 30-year fixed-refinance rate is 6.91 percent, down 12 basis points compared with a week ago. 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 $659.27 per month in principal and interest for every $100,000 you borrow. That represents a decline of $8.05 over what it would have been 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.