Table of Contents

Compare Current Mortgage Rates in June 2024

Comparing multiple loan offers from different mortgage lenders is one way you can get a better interest rate on your mortgage.

Why You Can Trust CNET Money
Our mission is to help you make informed financial decisions, and we hold ourselves to strict . This post may contain links to products from our partners, which may earn us a commission. Here’s a more detailed explanation of .
Advertiser Disclosure

CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.


Advertiser Disclosure

The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear, except where prohibited by law for our mortgage, home equity and other home lending products. This table does not include all companies or all available products. CNET does not endorse or recommend any companies.
TODAY'S RATES See All

Buying a home is never easy. And with average mortgage rates around 7%, potential buyers are finding it even more challenging to afford a home purchase

Factors like inflation, monetary policy and the overall health of the economy can influence whether mortgage rates move up and down on a daily basis. The rate you qualify for will also depend on more specific factors, like your credit score, loan type and the lender you choose. 

Before you settle on a home, compare multiple loan offers from different mortgage lenders to find the best rate. 

Read more: Mortgage Predictions: The Path to Lower Mortgage Rates Is Still a Waiting Game

Current mortgage and refinance rates

What are today’s mortgage rates?

ProductInterest rateAPR
5/1 ARM jumbo 6.68% 7.70%
10/1 ARM 7.08% 7.77%
30-year fixed-rate VA 6.78% 6.83%
15-year fixed-rate 6.35% 6.43%
20-year fixed-rate 6.62% 6.68%
7/1 ARM jumbo 6.64% 7.70%
30-year fixed-rate FHA 6.70% 6.74%
30-year fixed-rate jumbo 7.02% 7.07%
30-year fixed-rate 6.92% 6.97%
5/1 ARM 6.59% 7.89%
7/1 ARM 6.78% 7.93%
15-year fixed-rate jumbo 6.57% 6.65%
5/1 ARM jumbo refinance 6.61% 7.68%
15-year fixed-rate jumbo refinance 6.61% 6.69%
10/1 ARM refinance 7.14% 7.73%
30-year fixed-rate jumbo refinance 7.03% 7.09%
15-year fixed-rate refinance 6.42% 6.49%
7/1 ARM jumbo refinance 6.56% 7.65%
30-year fixed-rate VA refinance 6.74% 6.78%
30-year fixed-rate FHA refinance 6.72% 6.76%
20-year fixed-rate refinance 6.61% 6.66%
7/1 ARM refinance 6.76% 7.78%
30-year fixed-rate refinance 6.93% 6.98%
5/1 ARM refinance 6.40% 7.72%
Updated on June 21, 2024.

We use information collected by Bankrate, which is owned by the same parent company as CNET, to track daily mortgage rate trends. The above table summarizes the average rates offered by lenders across the country. 

Toward the end of 2023, average mortgage rates fell below the 6% range. Hopes were high that they would continue to decline in 2024 as the Federal Reserve moved to cut interest rates. 

But inflation remained stubbornly hot this spring, forcing the Fed to reconsider the timing (and number) of rate cuts it would carry out this year. Mortgage rates climbed back above 7% in early February and have been fluctuating between 7% and 7.5% ever since.

While the Fed doesn’t directly control mortgage rates, its policy decisions can influence whether they increase or decrease. Mortgage rate movement is also heavily contingent on economic and labor data, which give investors hints about the trajectory of monetary policy. 

Depending on how much inflation decelerates, the Fed could implement an interest rate cut as early as this summer, though September or November is more likely. Any shift or sign of price growth could send mortgage rates up again, and postpone the Fed’s plans to cut rates.

What is a mortgage rate?

Your mortgage rate is the percentage of interest a lender charges for providing the loan you need to buy a home. Multiple factors determine the rate you’re offered. Some are specific to you and your financial situation, and others are influenced by macro market conditions, such as inflation, the Fed’s monetary policy and the overall demand for loans.

What factors determine my mortgage rate?

While the broader economy plays a key role in mortgage rates, some key factors under your control affect your rate: 

  • Your credit score: Lenders offer the lowest available rates to borrowers with excellent credit scores of 740 and above. Because lower credit scores are deemed riskier, lenders charge higher interest rates to compensate. 
  • The size of your loan: The size of your loan can impact the interest rate you qualify for. 
  • The loan term: The most common mortgage is a 30-year fixed-rate loan, which spreads your payments over three decades. Shorter loans, such as 15-year mortgages, typically have lower rates but larger monthly payments. 
  • The loan type: The type of mortgage you choose impacts your interest rate. Some loans have a fixed rate for the entire life of the loan. Others have an adjustable rate that have lower rates at the start of the loan but could result in higher payments down the road.

What’s an annual percentage rate for mortgages?

The annual percentage rate, or APR, is usually higher than your loan’s interest rate and represents the true cost of your loan. It includes the interest rate and other costs such as lender fees or prepaid points. So, while you might be tempted with an offer for “interest rates as low as 6.5%,” look at the APR instead to see how much you’re really paying.

Pros and cons of getting a mortgage

Pros

  • You’ll build equity in the property instead of paying rent with no ownership stake.

  • You’ll build your credit by making on-time payments.

  • You’ll be able to deduct the interest on the mortgage on your annual tax bill.

Cons

  • You’ll take on a sizable chunk of debt.

  • You’ll pay more than the list price -- potentially a lot more over the course of a 30-year loan -- due to interest charges.

  • You’ll have to budget for closing costs to close the mortgage, which add up to tens of thousands of dollars in some states.

How does the APR affect principal and interest?

Most mortgage loans are based on an amortization schedule: You’ll pay the same amount each month for the life of the loan, but the generated interest will be highest at the beginning and will taper as the principal (the amount you borrowed) decreases. Your amortization schedule will show how much of your monthly payment goes to interest and how much pays down the principal. Most borrowers find a fixed, predictable monthly payment more convenient.

Shopping for mortgage rates

Mortgage lenders often publish their rates for different mortgage types, which can help you research and narrow down where you’ll apply for preapproval. But an advertised rate isn’t always the rate you’ll get. When shopping for a new mortgage, it’s important to compare not just mortgage rates but also closing costs and any other fees associated with the loan. Experts recommend shopping around and reaching out to multiple lenders for quotes and not rushing the process.

FAQs

Most conventional loans require a credit score of 620 or higher, but Federal Housing Administration and other loan types may accommodate borrowers with scores as low as 500, depending on the lender.

Your credit score isn’t the only factor that impacts your mortgage rate. Lenders will also look at your debt-to-income ratio to assess your level of risk based on the other debts you’re paying back such as student loans, car payments and credit cards. Additionally, your loan-to-value ratio plays a key role in your mortgage rate.

A rate lock means your interest rate won’t change between the offer and the time you close on the house. For example, if you lock in a rate at 6.5% today and your lender’s rates climb to 7.25% over the next 30 days, you’ll get the lower rate. A common rate-lock period is 45 days, so you’re still on a tight timeline. Be sure to ask lenders about rate lock windows and the cost to secure your rate.

Mortgage rates are always changing, and it’s impossible to predict the market. However, most experts think mortgage rates will gradually decline over the course of 2024. Fannie Mae predicts the average rate for a 30-year fixed mortgage will end the year at 6.4%.

Katherine Watt is a CNET Money writer focusing on mortgages, home equity and banking. She previously wrote about personal finance for NextAdvisor. Based in New York, Katherine graduated summa cum laude from Colgate University with a bachelor's degree in English literature.
Advertiser Disclosure

CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.

Editorial Guidelines

Writers and editors and produce editorial content with the objective to provide accurate and unbiased information. A separate team is responsible for placing paid links and advertisements, creating a firewall between our affiliate partners and our editorial team. Our editorial team does not receive direct compensation from advertisers.

How we make money

CNET Money is an advertising-supported publisher and comparison service. We’re compensated in exchange for placement of sponsored products and services, or when you click on certain links posted on our site. Therefore, this compensation may impact where and in what order affiliate links appear within advertising units. While we strive to provide a wide range of products and services, CNET Money does not include information about every financial or credit product or service.