Rates remain high ahead of July Fed meeting - Mortgage rates for July 30, 2024

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Jul 30, 2024 / 3 min read

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

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	6.88%	6.87%	+0.01
15-year fixed	6.33%	6.33%	N/C
5/1 ARM	6.56%	6.58%	-0.02
30-year fixed jumbo	6.98%	7.02%	-0.04

Rates as of July 30, 2024.

These rates are 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 Tuesday, July 30th, 2024 at 7:30 a.m. ET.

Market mortgage rates constantly change as the economy ebbs and flows, 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 likely to continue when the central bank meets this week. As of now, market watchers expect the Fed to start cutting rates in September.

“Inflation pressures are easing and we’re getting closer to Fed interest rate cuts,” says Greg McBride, CFA, chief financial analyst for Bankrate.

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.

Current 30 year mortgage rate rises, +0.01%

The average rate for a 30-year fixed mortgage for today is 6.88 percent, an increase of 1 basis point over the last week. 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 principal and interest of $657.26 for every $100,000 you borrow. That's $0.67 higher compared with last week.

15-year mortgage rate stays put

The average 15-year fixed-mortgage rate is 6.33 percent, unchanged since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $862 per $100,000 borrowed.

5/1 ARM trends down, -0.02%

The average rate on a 5/1 adjustable rate mortgage is 6.56 percent, ticking down 2 basis points from a week ago.

Monthly payments on a 5/1 ARM at 6.56 percent would cost about $636 for each $100,000 borrowed over the initial five years.

Jumbo mortgage interest rate falls, -0.04%

The average jumbo mortgage rate is 6.98 percent, down 4 basis points over the last week. A month ago, the average rate on a jumbo mortgage was greater than 6.98 at 7.07 percent.

At today's average rate, you'll pay a combined $663.96 per month in principal and interest for every $100,000 you borrow. That represents a decline of $2.69 over what it would have been last week.

30-year fixed-rate refinance moves lower, -0.03%

The average 30-year fixed-refinance rate is 6.85 percent, down 3 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was higher at 7.03 percent.

At the current average rate, you'll pay $655.26 per month in principal and interest for every $100,000 you borrow. That represents a decline of $2.00 over what it would have been last week.

When will mortgage rates go down?

While 30-year mortgage rates have come down slightly in July, it’s unlikely there’ll be a meaningful drop beyond that 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.