Published on August 14, 2024 at 6:00 AM UTC
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Thirty-year fixed mortgage rates average 7.06%, while 15-year fixed mortgage rates average 6.25% and jumbo mortgage rates average 7.06%.
*Data is current as of August 13, 2024.
30-year fixed mortgage rate
The average mortgage rate for a 30-year fixed loan rose to 7.06% from 7.02% last week, according to data from Curinos. Rates were down from 7.27% last month and also down from 7.61% a year ago.
With the current 30-year fixed rate, you'd pay about $670 per month for every $100,000 you borrow, up from about $667 last week.
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15-year fixed mortgage rate
Mortgage rates on 15-year fixed loans averaged 6.25%, up from 6.18% last week. That's down from 6.54% last month and down from 6.71% last year.
Based on current 15-year fixed rates, you'll pay about $858 a month for every $100,000 you borrow, up from about $854 last week.
30-year jumbo mortgage interest rates
Mortgage rates on 30-year jumbo loans fell to an average of 7.06% last week, down from 7.29% last month and down from 7.32% last year.
At the current 30-year jumbo rate, you'd pay about $669 per month for every $100,000 you borrow, down from about $685 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)
How long can I lock in my mortgage interest rate?
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.
Should you get a fixed rate mortgage or an adjustable rate mortgage?
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).
How are mortgage interest rates determined?
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.
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Jamie Young is the Managing Editor of Loans and Mortgages at USA TODAY Blueprint. She has been a professional writer and editor for 12 years. Previously, she worked at Forbes Advisor, Credible, LendingTree, Student Loan Hero, and GOBankingRates. Her work has appeared in some of the most prestigious media outlets, including Yahoo, Fox Business, Time, CBS News, AOL, and MSN. Jamie is passionate about finance, technology, and the Oxford comma. In her free time, she likes to play games, hang out with her two crazy cats (Detective Snoop and his girl Friday), and maintain her ever-growing plant collection.
Megan Horner is Editorial Director at USA TODAY Blueprint. She has over 10 years of experience in online publishing, focusing primarily on credit cards and banking. She previously served as Director of Publishing at Finder.com, where she led the publishing team for personal finance content on credit cards, banking, loans, mortgages and more. Previously, she was the editor of Credit Karma. Megan has been featured on CreditCards.com, American Banker, Lifehacker and on news broadcasts across the country. She holds a BA in English and Editing.
Ashley Harrison is the Associate Editor of Loans & Mortgages at USA TODAY Blueprint and has been working in the online finance industry since 2017. She is passionate about creating helpful content that demystifies complex financial topics. She previously worked at Forbes Advisor, Credible, LendingTree, and Student Loan Hero. Her work has been featured on Fox Business and Yahoo. Ashley is also an artist and a huge horror fan, and her short story “The Box” was produced by the award-winning NoSleep Podcast. In her spare time, she likes to draw, play video games, and hang out with her black cats, Salem and Binx.
