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Rates are daily averages based on Better Mortgage data, not APRs. Rates and APRs vary by borrower.
The average 30-year fixed mortgage rate is 6.64% today, based on the most recently settled daily index, while the 15-year fixed sits at 6.18%.
Rates eased for a second straight session after both this week's inflation reports came in cooler than economists expected.
That said, this morning's trading shows bonds giving back some of that improvement, which could put modest upward pressure on rates later today. This article reflects the most recent settled close; check back for same-day movement.
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Today's mortgage rates by loan type
Here's where rates stand today, per our daily rate index:
| Loan type | Rate |
|---|---|
| 30-year fixed | 6.64% |
| 15-year fixed | 6.18% |
| 30-year jumbo | 6.83% |
| 7/6 SOFR ARM | 6.30% |
| 30-year FHA | 6.27% |
| 30-year VA | 6.29% |
These are national averages — your actual rate depends on your credit score, down payment, loan amount, and lender.
What's moving rates today
Mortgage rates track the bond market, and this week the bond market got two pieces of encouraging news in a row:
- Tuesday's Consumer Price Index
- Wednesday's Producer Price Index
These two closely watched inflation reports came in lower than expected. Both sparked bond rallies, but Wednesday's held up better through the afternoon than Tuesday's did, which is part of why the average 30-year fixed rate slipped to 6.64%, its lowest level in just over a week.
When bond yields fall, mortgage rates tend to follow closely behind, since lenders price loans off the same long-term bond market that sets Treasury yields.
In the background, though, the same forces that have kept rates elevated for months haven't gone away. Renewed tension tied to the Iran conflict has kept oil prices and inflation expectations higher than they'd otherwise be, and this week's cooler inflation data benefited from lower fuel prices in June, a dynamic that's already shifted back toward higher prices in July.
Bond trading so far today points to some of that pressure reasserting itself.
Should you lock your rate today?
If you're under contract on a home or planning a refinance, locking your rate protects you from increases while your loan moves through processing and underwriting.
Once you lock, your rate is fixed for a set window, typically 30 to 60 days, regardless of what happens in the bond market between now and closing.
Some lenders offer float-down options that allow you to lock a rate and then move to a lower rate should it drop materially before closing.
How today's rate affects your payment
Here's what today's rates mean in dollar terms. On a $350,000 loan:
- 30-year fixed at 6.64%: approximately $2,245 per month in principal and interest, not including taxes, insurance, or other fees.
- 15-year fixed at 6.18%: approximately $2,988 per month in principal and interest (about $743 more per month), but the loan is paid off in half the time and total interest paid drops by well over $270,000 over the life of the loan.
These figures don't include property taxes, homeowners insurance, or mortgage insurance, which add to your total monthly payment. This is an illustrative example only; your own payment will depend on your specific loan amount, down payment, and location.
To see how today's rate applies to your situation, enter your numbers into a mortgage calculator.
Or get a mortgage pre-approval which shows your loan scenario from the lender's point of view.
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Frequently asked questions about today's rates
What is today's 30-year mortgage rate, and is it a good time to lock?
Today's average 30-year fixed rate is 6.64%. Whether it's a good time to lock depends on your preferences. If you're closing soon and comfortable with your quote, locking protects you from further increases, especially since early trading today points to some upward pressure.
Why did mortgage rates fall today if the Fed hasn't cut interest rates?
Mortgage rates track the bond market, not the Fed's benchmark rate directly. Two straight cooler-than-expected inflation reports this week pushed bond yields lower, and mortgage rates followed, even without any change in Fed policy.
Are mortgage rates negotiable, or is today's average rate what I'll be quoted?
Today's average rate is a national benchmark, not a personal quote. Lenders price loans based on your credit profile, down payment, and loan type, and rates are negotiable to some degree depending on those factors and how you shop.
I have a 7% rate from 2024. Does today's rate make refinancing worth it?
Possibly. Keep in mind today's average rates are just that: averages. If you have strong credit, meaningful equity, and manageable monthly debts, you may be able to secure a lower-than-average rate, which would compare more favorably against a 7% loan.
I'm a first-time buyer with only 5% down saved. How much does today's rate change my monthly payment versus last year?
Average rates this time last year were in a similar range to where they sit today. First-time buyers with a smaller down payment can't control average rates, but improving your credit score or lowering monthly debt can help you qualify for a lower-than-average rate.
What's the difference between today's 30-year fixed rate and the 15-year fixed rate, and which should I choose?
The 30-year fixed rate is 6.64% and the 15-year fixed rate is 6.18% today. The 15-year option carries a lower rate and builds equity faster, but comes with a higher monthly payment. The right choice depends on your budget and how much you prioritize paying off the loan faster over keeping payments lower.
If inflation data keeps coming in cooler, why do rates sometimes go back up the next day?
Bond markets react to more than one report at a time. Even after two straight cooler inflation readings, other pressures — like renewed geopolitical tension affecting oil prices — can push yields back up the very next day. Rates rarely move in a straight line in either direction.
Bottom line on today's rates
Mortgage rates today are holding near 6.64% for the 30-year fixed, the lowest level in just over a week, after back-to-back cooler inflation reports.
Early trading today suggests that improvement may not hold, so this is a good week to pay close attention if you're planning to lock.
National average rates show just that — average rates. Where your rate falls will depend on your unique financial profile.
A pre-approval can show a personalized quote.
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Rates shown are daily average interest rates, not APRs, based on Better Mortgage data and are for informational purposes only. Rates are not guaranteed, may include borrower-paid or lender credits, and actual rates and terms vary by borrower and transaction. Comparison to industry average rates may not reflect individual borrower scenarios and is not a guarantee of lower rates or savings.