Published on July 3, 2024 at 3:21 a.m. UTC
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Thirty-year fixed mortgage rates average 7.53%, while 15-year fixed mortgage rates average 6.83% and jumbo mortgage rates average 7.44%.
*The data is current as of July 2, 2024.
30-year fixed mortgage rate
Mortgage rates on 30-year fixed loans rose to an average of 7.53%, up from 7.38% last week. That’s up from 7.5% last month and up from 7.29% a year ago.
With the current 30-year fixed rate, you’d pay about $700 a month for every $100,000 you borrow, up from about $691 last week.
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15-year fixed mortgage rate
Mortgage rates on 15-year fixed loans averaged 6.83%, up from 6.66% last week. That’s up from 6.75% last month and 6.56% last year.
Based on current 15-year fixed rates, you’ll pay about $887 a month for every $100,000 you borrow, up from about $878 last week.
30-year jumbo mortgage interest rates
The average mortgage rate on a 30-year jumbo loan rose to 7.44%, up from 7.35% last week. The rate is up from 7.36% last month and up from 7.05% a year ago.
At the current 30-year jumbo rate, you’d pay about $693 a month for every $100,000 you borrow, up from about $689 last week.
methodology
Curinos uses a standardized set of parameters to determine average mortgage rates. For conventional mortgages, the calculations are based on an owner-occupied one-unit property with a loan amount of $350,000. For jumbo mortgages, the loan amount is $766,550. These calculations assume a loan-to-value ratio of 80%, a credit score of 740 or higher, and a fixed term of 60 days.
Frequently Asked Questions (FAQ)
If you choose to fix your interest rate, you can usually lock it in for 30 to 60 days, depending on the lender, but in some cases you may be able to lock your interest rate for up to 120 days.
Some lenders may let you lock in your mortgage interest rate for free, but be aware that you’ll likely have to pay a fee if you want to extend the fixed period. This fee usually ranges between 0.25% and 0.5% of the loan amount. You may also be charged a fee for extending the fixed period, usually 0.375% of the loan amount.
If you don’t plan on holding onto your home for a long time, an ARM may be a better option, especially if interest rates on fixed-rate loans were significantly higher at the time. This is because while ARMs tend to have lower interest rates initially than fixed-rate mortgages, interest rates may increase over time.
While fixed-rate loans have the same interest rate for their entire term, ARMs start out with a fixed rate for a period of time and then switch to a variable rate that can change for the remainder of the loan term. For example, a 5/1 ARM has a fixed rate for five years (the “5” in 5/1) and then switches to a variable rate that can change once a year (the “1” in 5/1).
Mortgage interest rates are determined by a variety of factors, including the overall economy, inflation, Federal Reserve actions, etc. Mortgage lenders set their loan rates based on these economic factors.
The interest rate you’re offered on a mortgage will vary depending on not only the lender but also other parts of your financial profile, such as your credit score, income, and debt-to-income ratio (DTI).
Blueprint is an independent publisher and comparison service and is not an investment advisor. The information provided is for educational purposes only and we recommend that you seek individual advice from a qualified professional for any specific financial decision. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. Any opinions, analyses, reviews, or recommendations expressed in this article are solely those of the Blueprint editorial staff. Blueprint adheres to strict editorial integrity standards. Information is accurate as of the publication date, but always check the provider’s website for the most up-to-date information.
