Daily mortgage rates for July 3, 2024: Rates trending higher
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“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Published 3:21 a.m. UTC July 3, 2024
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Rates for a 30-year fixed mortgage are at 7.53% on average, while rates are averaging 6.83% for 15-year fixed mortgages and 7.44% for jumbo mortgages.
*Data accurate as of July 2, 2024, the latest data available.
30-year fixed mortgage rates
Mortgage rates for 30-year fixed loans rose to an average of 7.53% from 7.38% last week. That's up from last month’s 7.5% and up from a year ago when it was 7.29%.
At the current 30-year fixed rate, you'll pay about $700 each month for every $100,000 you borrow — up from about $691 last week.
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15-year fixed mortgage rates
Mortgage rates for 15-year fixed loans rose to an average of 6.83% from 6.66% last week. That's up from last month’s 6.75% and up from last year's 6.56%.
For every $100,000 you borrow, you'll pay about $887 a month, based on the current 15-year fixed rate. That's up from about $878 last week.
30-year jumbo mortgage rates
The average mortgage rate for 30-year jumbo loans rose to 7.44% from 7.35% last week. The rate is up from last month’s 7.36% and up from a year ago when it was 7.05%.
At the current 30-year jumbo rate, you'll pay about $693 each month for every $100,000 you borrow — up from about $689 last week.
Methodology
To determine average mortgage rates, Curinos uses a standardized set of parameters. 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 an 80% loan-to-value ratio, a credit score of 740 or higher and a 60-day lock period.
Frequently asked questions (FAQs)
If you opt for a rate lock, you can typically do so for 30 to 60 days, depending on the lender. In some cases, you might be able to lock in your rate for up to 120 days.
Keep in mind that while some lenders allow you to lock in a mortgage rate for free, you’ll likely have to pay a fee for a longer lock period. This fee generally ranges from 0.25% to 0.5% of your loan amount. You could also be charged a fee if you want to extend the lock period — usually 0.375% of the loan amount.
If you’re not planning on keeping a home for a long time, an ARM could be the better option — especially if fixed-rate loans have much higher rates at the time. This is because ARMs tend to have lower rates to start than fixed-rate mortgages, though your rate can increase over time.
While a fixed-rate loan will have the same rate throughout the entire term, an ARM will start with a fixed rate for a set amount of time and then switch to a variable rate that can change for the remainder of your loan term. For example, a 5/1 ARM will have a fixed rate for five years (the “5” in 5/1), then switch to a variable rate that can change once a year (the “1” in 5/1).
Mortgage rates are determined by a variety of factors, including the overall economy, inflation and the actions of the Federal Reserve. Mortgage lenders then set their loan rates based on these economic elements.
The rate you’re offered on a mortgage will also depend not only on the lender but also on your credit score, income, debt-to-income (DTI) ratio and other parts of your financial profile.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
