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July
9

July 9th, 2024 by

Compare current mortgage rates for today

Written by 
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Reviewed by 
Jul. 09, 2024

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Top offers on Bankrate vs. the national average interest rate

 Top offers on Bankrate: 6.44%
 National average: 7.06%

For the week of July 5th, top offers on Bankrate are 0.62% lower than the national average. On a $340,000 30-year loan, this translates to $1,690 in annual savings.

Today's national mortgage interest rate trends

On Tuesday, July 09, 2024, the current average interest rate for the benchmark 30-year fixed mortgage is 7.07%, unchanged from a week ago. If you're looking to refinance your current mortgage, today's national average 30-year fixed refinance interest rate is 7.03%, decreasing 3 basis points compared to this time last week. In addition, today's national average 15-year refinance interest rate is 6.59%, falling 3 basis points from a week ago. For now, the consensus is that mortgage rates will ease down in 2024. Whether you need a mortgage now or plan to get one in the next year or two, it's crucial to compare offers. Bankrate can connect you with current offers on various types of loans, often well below the national average. We display the lender's interest rate, APR (rate plus costs) and estimated monthly payment to help you more easily find the best mortgage for your needs.

Mortgage news this week - July 3, 2024

Mortgage rates still above 7% as home prices surge

Frustrated homebuyers continue to grapple with 7 percent mortgages, with the price of a 30-year fixed mortgage averaging 7.09 percent this week, according to Bankrate's lender survey. Hotter mortgage rates have run in tandem with higher home prices. The typical home for sale hit a new record in May at $419,300, the National Association of Realtors recently reported.

Mortgage analyst Jeff Ostrowski covers more on the latest rate movement in our weekly update.

Learn more: Mortgage rates 1970s to present

Mortgage rates to stay put

Ken Johnson

Real estate economist, Florida Atlantic University

"As long as the yield curve for government debt stays inverted, mortgage rates will not fall substantially because an inverted yield curve signals risk in lending. The yield curve has been inverted since July 2022. The average 30-year mortgage rate since then has been around 7 percent. As for next week's long-term mortgage rate prediction, the upward trend for the last three weeks should continue." - July 3

Learn more: Weekly mortgage rate trend predictions

Current mortgage and refinance interest rates

Product Interest Rate APR
30-Year Fixed Rate 7.07% 7.12%
20-Year Fixed Rate 6.82% 6.87%
15-Year Fixed Rate 6.56% 6.64%
10-Year Fixed Rate 6.44% 6.51%
5-1 ARM 6.68% 7.81%
10-1 ARM 7.07% 7.88%
30-Year Fixed Rate FHA 6.90% 6.94%
30-Year Fixed Rate VA 7.07% 7.11%
30-Year Fixed Rate Jumbo 7.23% 7.28%

Rates as of Tuesday, July 09, 2024 at 6:30 AM


Article belongs to Bankrate.com

Categories: Uncategorized
Tags: avocados, california, Fallbrook, groves, realtor, sunshine properties real estate, land for sale, agent, for sale, house, homes, home, mortgage , buying, selling, house for sale, estate, manufactured home

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