- The average 30-year fixed mortgage rate is approximately 6.28% APR (as of August 5, 2024). The average 15-year fixed mortgage rate is 5.53% APR.
Other key current rates are listed in the table below:
| Mortgage Type | Interest Rate |
|---|---|
| 30-Year Fixed-Rate Mortgage | 6.28% APR |
| 20-Year Fixed-Rate Mortgage | 6.05% APR |
| 15-Year Fixed-Rate Mortgage | 5.53% APR |
| 7 Year ARM (Adjustable-Rate) | 7.21% APR |
| 30-Year FHA | 6.83% APR |
| 30-Year VA | 6.05% APR |
| 30-Year Jumbo | 6.46% APR |
| 15-Year Jumbo | 6.40% APR |
Mortgage rates taking a big dive this week, with the average 30-year rate decreasing 50 basis points to a 6.28% APR from the 6.78% of the previous week. This average is the lowest we’ve seen since February of this year, almost six months ago.
While the Federal Reserve declined to lower the federal funds rate at its meeting last week, the Fed did make it clear that at least one and possibly two cuts are likely to occur before the end of 2024, which probably spurred the decrease in rates we see this week.
NOTE: These “average” rates encompass a large number of lenders and a large number of different U.S. geographies, so the rates you are quoted may be different than you see here — be sure to shop around.
(Lenders included in our calculations include Bank of America, Wells Fargo, Chase, US Bank, Truist, Rocket Mortgage, and others.)