Today's Mortgage Rates in the US

The Current Average Mortgage Rates in the US - Updated: Sat, Jul 13, 2024

The Current Average Mortgage Rates in the US - Updated: Sat, Jul 13, 2024

Rate type Average Rate 1W Change 1M Change 1Y Change
30-Year Fixed-Rate6.89%-0.06%0.02%-0.21%Calculate paymentPersonalize rate
15-Year Fixed-Rate6.17%-0.08%0.04%-0.22%Calculate paymentPersonalize rate
5/1 Adjustable Rate6.06%0.11%0.35%1.67%Calculate paymentPersonalize rate
FHA 30-Year Fixed-Rate6.57%-0.12%-0.12%-0.12%Calculate paymentPersonalize rate
Jumbo 30-Year Fixed-Rate7.15%0.02%0.00%-0.01%Calculate paymentPersonalize rate
VA 30-Year Fixed-Rate6.30%-0.09%-0.08%-0.11%Calculate paymentPersonalize rate
USDA 30-Year Fixed-Rate6.56%-0.15%-0.14%-0.13%Calculate paymentPersonalize rate

According to data from Freddie Mac's Primary Mortgage Market Survey and Optimal Blue Mortgage Market Indices, As of the latest data, mortgage rates continue to exhibit both upward and downward trends across various loan programs. Here's a snapshot of the recent changes:

  • 30-Year Fixed-Rate: The average rate for 30-Year Fixed-Rate is now at 6.89%. Over the past week, we've seen a decrease of -0.06%, while the rates have risen by 0.02% over the past month. Looking back a year, the rate has decreased by -0.21%.
  • 15-Year Fixed-Rate: The average rate for 15-Year Fixed-Rate is now at 6.17%. Over the past week, we've seen a decrease of -0.08%, while the rates have risen by 0.04% over the past month. Looking back a year, the rate has decreased by -0.22%.
  • 5/1 Adjustable Rate: The average rate for 5/1 Adjustable Rate is now at 6.06%. Over the past week, we've seen a slight increase of 0.11%, while the rates have risen by 0.35% over the past month. Looking back a year, the rate has risen by 1.67%.
  • FHA 30-Year Fixed-Rate: The average rate for FHA 30-Year Fixed-Rate is now at 6.57%. Over the past week, we've seen a decrease of -0.12%, while the rates have decreased by -0.12% over the past month. Looking back a year, the rate has decreased by -0.12%.
  • Jumbo 30-Year Fixed-Rate: The average rate for Jumbo 30-Year Fixed-Rate is now at 7.15%. Over the past week, we've seen a slight increase of 0.02%, while the rates have risen by 0.00% over the past month. Looking back a year, the rate has decreased by -0.01%.
  • VA 30-Year Fixed-Rate: The average rate for VA 30-Year Fixed-Rate is now at 6.30%. Over the past week, we've seen a decrease of -0.09%, while the rates have decreased by -0.08% over the past month. Looking back a year, the rate has decreased by -0.11%.
  • USDA 30-Year Fixed-Rate: The average rate for USDA 30-Year Fixed-Rate is now at 6.56%. Over the past week, we've seen a decrease of -0.15%, while the rates have decreased by -0.14% over the past month. Looking back a year, the rate has decreased by -0.13%.
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Commonly asked questions about Mortgage Rates

Mortgage rates refer to the interest rates charged by lenders for borrowing funds to purchase or refinance a home.

Mortgage rates are influenced by economic conditions, inflation, the Federal Reserve's policies, and market demand.

A Conventional mortgage rate is the interest rate offered for a standard home loan not backed by government agencies like FHA or VA.

An FHA mortgage rate is the interest rate for a loan insured by the Federal Housing Administration, typically requiring lower down payments.

A VA mortgage rate is the interest rate for loans guaranteed by the U.S. Department of Veterans Affairs, exclusively available to eligible veterans and service members.

A Jumbo mortgage rate is for loans that exceed the conforming loan limits set by Fannie Mae and Freddie Mac, often requiring higher credit scores.

A 30-Year Fixed-Rate mortgage has a fixed interest rate and monthly payments over a 30-year term, providing stable payments throughout the loan.

15-Year Fixed Mortgage Rates offer a shorter loan term with fixed interest rates for 15 years, enabling faster equity buildup and lower overall interest costs.

5/1 Adjustable Mortgage Rates feature a fixed rate for the first five years, followed by annual adjustments based on market conditions for the remaining term.

FHA 30-Year Fixed Mortgage Rates are offered by the Federal Housing Administration and provide stable payments over a 30-year period, typically with lower down payment requirements.

Jumbo 30-Year Fixed Mortgage Rates apply to larger loan amounts that exceed conforming limits, providing predictable payments over a 30-year term.

VA 30-Year Fixed Mortgage Rates are available to eligible veterans and service members, offering fixed interest rates and stable payments over a 30-year period.

Adjustable Mortgage Rates, also known as ARM rates, have an initial fixed period followed by periodic adjustments based on market rates. Payments may change over time.

FHA mortgage rates can be fixed or adjustable, providing borrowers with options based on their preference and financial situation.

VA mortgage rates often offer competitive terms, lower or no down payment requirements, and may not require private mortgage insurance (PMI).

Yes, Jumbo mortgage rates are typically higher due to the increased risk associated with larger loan amounts.

Yes, credit scores play a significant role in determining Conventional mortgage rates; higher scores often lead to better rates.

To secure the best mortgage rate, maintain a good credit score, shop around for lenders, consider locking the rate, and provide a larger down payment if possible.

Yes, you can negotiate mortgage rates with lenders. Factors like your creditworthiness and financial situation may influence your ability to negotiate.

No, mortgage rates can vary between lenders. It's essential to compare rates and terms from multiple lenders to find the most favorable offer.

Yes, mortgage rates can change daily due to market fluctuations. It's crucial to stay updated and consider locking in a rate when favorable.

To determine if refinancing is beneficial, compare your existing mortgage rate with current rates, consider closing costs, and evaluate the potential long-term savings.