Mortgage Interest Rates Today, July 9, 2024 | Rates Down Slightly This Week

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Average 30-year mortgage rates are down slightly from last week but remain in the upper 6% range, according to Zillow data. A key inflation report coming out later this week could cause rates to fluctuate.

On Thursday, the Bureau of Labor Statistics will release June's Consumer Price Index data. This index is expected to have slowed slightly on an annual basis, according to Investing.com. But core CPI, which strips out the volatile food and energy categories, is forecasted to have remained flat last month. 

Mortgage rates are unlikely to fall substantially until inflation slows further and the Federal Reserve starts lowering the federal funds rate. In fact, if this latest inflation report comes in hotter than expected, we could see rates tick up a bit. 

Investors currently believe that the Fed will start cutting its benchmark rate in September, according to the CME FedWatch Tool. This should remove some upward pressure off of mortgage rates and allow them to trend down a bit. 

As long as inflation continues to slow, mortgage rates should ease throughout the remainder of 2024, improving affordability for hopeful homebuyers. If you're in the process of shopping for a home right now, you can limit the impact of today's relatively high rates by getting quotes from multiple mortgage lenders.

Current Mortgage Rates

Current Refinance Rates

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Use our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you'll also understand how much you'll pay over the entire length of your mortgage.

Click "More details" for tips on how to save money on your mortgage in the long run.

Mortgage Rates for Buying a Home

30-Year Fixed Mortgage Rates Decrease Slightly (-0.09%)

The current average 30-year fixed mortgage rate is 6.62%, down nine basis points from where it was this time last week, according to Zillow data. This rate is up slightly compared to a month ago, when it was 6.53%. 

At 6.62%, you'll pay $640 monthly toward principal and interest for every $100,000 you borrow.

The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you'll pay back what you borrowed over 30 years, and your interest rate won't change for the life of the loan.

20-Year Fixed Mortgage Rates Inch Down (-0.04%)

The average 20-year fixed mortgage rate is just four basis points down from where it was last week, and is sitting at 6.25%. This time last month, the rate was 6.25%.

With a 6.25% rate on a 20-year term, your monthly payment will be $731 toward principal and interest for every $100,000 borrowed.

A 20-year term isn't as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option.

15-Year Fixed Mortgage Rates Essentially Flat (+0.01%)

The average 15-year mortgage rate is 5.99%, just one basis point higher than last week. It's relatively steady compared to this time last month, when it was 5.92%.

With a 5.99% rate on a 15-year term, you'll pay $843 each month toward principal and interest for every $100,000 borrowed.

If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you'll have a higher monthly payment than you would with a longer term.

7/1 ARM Rates Tick Down (-0.15%)

The 7/1 adjustable mortgage rate is down 15 basis points from a week ago at 6.66%. It's also down compared to a month ago, when it was at 6.80%. 

At 6.66%, your monthly payment would be $643 toward principal and interest for every $100,000 borrowed — but only for the first seven years. After that, your payment would increase or decrease annually depending on the new rate.

5/1 ARM Rates Nearly Unchanged (+0.01%)

The average 5/1 ARM rate is 6.57%, a one-basis-point increase from last week. It's down compared to where it was a month ago, when it was 6.75%.

Here's how a 6.57% rate would affect you for the first five years: You'd pay $637 per month toward principal and interest for every $100,000 you borrow.

30-Year FHA Rates Flat (No Change)

The average 30-year FHA interest rate is 5.99% today, which is exactly where it was last week. This rate was 6.00% a month ago.

At 5.99%, you would pay $599 monthly toward principal and interest for every $100,000 borrowed.

FHA mortgages are good choices if you don't qualify for a conforming mortgage. You'll need a 3.5% down payment and 580 credit score to qualify.

30-Year VA Rates Barely Inch Down (-0.02%)

The current VA mortgage rate is 5.94%, two basis points lower than this time last week. This rate was 5.82% a month ago.

With a 5.94% rate, your monthly payment would be $596 toward principal and interest for every $100,000 you borrow.

Mortgage Refinance Rates

30-Year Fixed Refinance Rates Increase Slightly (+0.16%)

The average 30-year refinance rate is 7.86%, 16 basis points up from last week. It's nearly flat compared to a month ago, when it was 7.88%.

Here's how a 7.86% rate would affect your monthly payments: You'd pay $724 toward principal and interest for every $100,000 borrowed.

Refinancing into a 30-year term can land you lower monthly payments, but you'll ultimately pay more by refinancing into a longer term.

20-Year Fixed Refinance Rates Go Down (-0.11%)

The current 20-year fixed refinance rate is 7.01%, which is down 11 basis points compared to a week ago. This rate was 7.65% this time last month.

A 7.01% rate on a 20-year term will result in a $776 monthly payment toward principal and interest for every $100,000 you borrow.

15-Year Fixed Refinance Rates Rise (+0.37%)

The average 15-year fixed refinance rate is 6.41%, which is 37 basis points higher compared to last week. It's down compared to this time a month ago, when it was at 6.99%.

A 6.41% rate on a 15-year term means you'll pay $866 each month toward principal and interest for every $100,000 borrowed.

Refinancing into a 15-year term can save you money in the long run, because you'll get a lower rate and pay off your mortgage faster than you would with a 30-year term. But it could result in higher monthly payments.

7/1 ARM Refinance Rates Tick Up (+0.08%)

The average 7/1 ARM refinance rate is 6.96%, up eight basis points from where it was last week. It's also up slightly from a month ago, when it was 6.88%.

Refinancing into a 7/1 ARM with a 6.96% rate means your monthly payment toward principal and interest will be $663 for every $100,000 you borrow. This will be the payment for the first seven years, then your rate will change annually unless you refinance again.

5/1 ARM Refinance Rates Fall (-0.25%)

The 5/1 ARM refinance rate is 6.38%, which is 25 basis points lower than it was this time last week. It's down compared to this time last month, when it was 6.55%.

A 6.38% rate will result in a monthly payment of $624 toward principal and interest for every $100,000 borrowed. You'll pay this amount for the first five years of your new mortgage.

30-Year FHA Refinance Rates Flat (No Change)

The 30-year FHA refinance rate is 5.79%, which is the same as it was last week. It's also flat from a month ago.

A 5.79% refinance rate would lead to a $586 monthly payment toward the principal and interest per $100,000 borrowed.

30-Year VA Refinance Rates Increase (+0.18)

The average 30-year VA refinance rate is 6.25%, which is up 18 basis points compared to where it was was last week. This rate was 5.91% a month ago.

At 6.25%, your new monthly payment would be $616 toward principal and interest for every $100,000 you borrow.

Are Mortgage Rates Going Down?

Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year. Though rates have been somewhat elevated recently, they should go down by the end of 2024. 

For homeowners looking to leverage their home's value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease further. Check out some of our best HELOC lenders to start your search for the right loan for you.

A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you're borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you'd do with a cash-out refinance.

Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.