These are today’s mortgage and refinance rates. Mortgage rates are down as markets see an increased likelihood of three Fed rate cuts this year.
Mortgage rates are down following the release of the latest CPI data, which showed that inflation decelerated more than expected in June. Average 30-year mortgage rates dropped below 6.5% for the first time in over two weeks, according to Zillow data.
This cooler-than-expected inflation report has increased the odds that we’ll get multiple Federal Reserve rate cuts this year. Markets initially were expecting that the central bank would only lower the federal funds rate once or twice in 2024, but they’re now pricing in three possible rate cuts by the end of the year, according to the CME FedWatch Tool.
This is great news for hopeful homebuyers, since mortgage rates are expected to trend down as the Fed starts lowering its benchmark rate. As long as inflation continues to ease, borrowers getting a mortgage later this year or in 2025 should be able to snag a lower rate.Current Mortgage RatesCurrent Refinance RatesMortgage Calculator
Use our free mortgage calculator to see how today’s mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you’ll also understand how much you’ll pay over the entire length of your mortgage.
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
Click “More details” for tips on how to save money on your mortgage in the long run.30-Year Fixed Mortgage Rates
The average 30-year fixed mortgage rate was 6.
