UPDATE: Friday, August 2, 2024…Today, after the jobs report and other economic data was released, mortgage interest rates fell to 6.40% on a 30-year fixed rate mortgage, the lowest level in nearly 16 months…the last time rates were this low was in early April 2023.
The interest rate on a 30-year fixed-rate conventional mortgage fell to 6.80% today, according to the MND rate index as shown in the chart below. This marks the lowest rate in over six months, since January 9th of this year when rates were at 6.80% as well. This drop in rates comes as the Federal Open Market Committee (FOMC) is meeting today and tomorrow.
The expectation for the Federal Reserve’s meeting is that they will likely keep interest rates unchanged at their current level of 5.25% to 5.50%, which is a 23-year high. This expectation is supported by the CME Group’s FedWatch Tool, which assigns a 97% probability to rates remaining steady during this meeting.
Mortgage Interest Rates
(click on chart for live, interactive chart)
