These are today’s mortgage and refinance rates. Since early May, rates have remained under 7%, but they likely won’t fall much more until 2025.
As we approach the final week of June, 30-year mortgage rates are hovering around 6.55%. This is down significantly from early May, when rates topped 7%, but we’re still in a relatively high-rate environment. If you’re looking to buy a home this year, you’ll want to look at multiple mortgage lenders to find the lowest rate possible.
According to the Mortgage Bankers Association’s latest forecast, mortgage rates may fall to 6.5% by the end of 2024 — a very modest drop from where we are now. So while the Fed could cut interest rates before the end of the year, don’t expect a huge decrease to mortgage rates before 2025, unless inflation trends down more steeply than expected over the next several months.Mortgage Rates TodayMortgage Refinance Rates TodayMortgage Calculator
Use our free mortgage calculator to see how today’s mortgage rates will affect your monthly and long-term payments.
Paying a 25% higher down payment would save you $8,916.08 on interest charges
Lowering the interest rate by 1% would save you $51,562.03
Paying an additional $500 each month would reduce the loan length by 146 months
By plugging in different term lengths and interest rates, you’ll see how your monthly payment could change.Mortgage Rate Projection for 2024
Mortgage rates increased dramatically for most of 2023, though they started trending back down in the final months of the year. As the economy continues to normalize this year, rates should come down further.
In the last 12 months, the Consumer Price Index rose by 3.3%, a significant slowdown compared to when it peaked at 9.1% in 2022. As inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.
