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Mortgage and refinance rates today, July 24, 2024: Rates have staggered since last week

Laura Grace Tarpley
·Lead Editor and Content Strategist, Mortgages
9 min read

Mortgage rates have staggered since last Wednesday — rates on many terms have gone up, but not all. For those buying a house, the 30-year fixed rate is up eight basis points to 6.50%, and the 15-year fixed rate has increased by just one basis point to 5.75%.

Considering a mortgage refinance? The 30-year fixed refinance rate has increased by 18 basis points and sits at 7.00%. The 15-year fixed refinance rate is up four basis points to 6.09%.

Now could be a good time to buy a house since inventory is high in summer. It probably isn't a great time to refinance if you bought your house in the last few years, when rates were at all-time lows. But it could be a good idea if you bought your home a long time ago and today's rates are competitive.

Dig deeper: When will mortgage rates finally go down?

Here are the current mortgage rates, according to our latest Zillow data:

  • 30-year fixed: 6.50%

  • 20-year fixed: 6.04%

  • 15-year fixed: 5.75%

  • 5/1 ARM: 6.50%

  • 7/1 ARM: 6.36%

  • 30-year FHA: 5.58%

  • 30-year VA: 5.77%

  • 15-year VA: 5.18%

  • 5/1 VA: 6.10%

Remember that these are the national averages and rounded to the nearest hundredth.

Learn more: 5 strategies to get the lowest mortgage rates

Here are today's mortgage refinance interest rates, according to the latest Zillow data:

  • 30-year fixed: 7.00%

  • 20-year fixed: 6.48%

  • 15-year fixed: 6.09%

  • 5/1 ARM: 6.29%

  • 7/1 ARM: 6.50%

  • 30-year FHA: 5.29%

  • 30-year VA: 5.77%

  • 15-year VA: 4.95%

  • 5/1 VA: 5.68%

As with the purchase mortgage rates, these are national averages we've rounded to the nearest hundredth. Keep in mind that refinance rates are usually a little higher than rates on your original mortgage.

Learn more: Is now a good time to refinance your mortgage?

Use the free Yahoo Finance mortgage calculator see how different mortgage terms and interest rates will impact your monthly payments. This can help you decide whether to buy a home or refinance in the near future.

Our calculator also considers factors like property taxes and homeowners insurance when determining your estimated monthly mortgage payment. This gives you a better idea of your total monthly payment than if you just looked at mortgage principal and interest.

Today's 30-year fixed rate is 6.50%, which is up eight basis points from last week's 6.42%.

On a $300,000 mortgage, a 6.50% rate on a 30-year term would result in a monthly mortgage payment of $1,896 toward principal and interest.

The 20-year fixed rate is 6.04% today, up four basis points since last Wednesday.

A 6.04% rate on a $300,000, 20-year mortgage means you would pay $2,156 toward principal and interest each month. A 20-year term can be a nice balance between a 30-year and 15-year term because you'll pay off your mortgage faster and pay less in interest, but your monthly payments won't be as high as with a 15-year mortgage loan.

The current 15-year fixed rate is 5.75%, an increase of just one basis point since last week.

With a 15-year term and 5.75% interest rate, your monthly payment on a $300,000 mortgage would jump to $2,491. However, you would pay off your loan much more quickly than with a longer term and pay less in interest.

Learn more: 15-year vs. 30-year mortgages

The mortgage interest rate is 6.50% on a 5/1 adjustable-rate mortgage (ARM) today. This is nine basis-point incline from last week, when it was 6.41%.

If you have a 5/1 ARM with a 30-year term, and your loan is for $300,000, a 6.50% rate will result in a $1,896 monthly payment for the first five years. Then, your rate will increase or decrease once per year for the remaining 25 years.

Today's 7/1 ARM mortgage rate is 6.36%. This time last week, the rate was 6.48%.

A 6.36% rate means your monthly payment on a $300,000 mortgage will be $1,869 for the first seven years, then it will change annually for the last 23 years of your term.

Dig deeper: Best mortgage lenders for first-time home buyers

The 30-year FHA loan rate is 5.58%, which is up just four basis points since last week.

With a 5.58% rate on a 30-year term, you'd pay $1,718 monthly toward your principal and interest on a $300,000 mortgage. FHA loans can be great options if you have a low credit score or high debt levels, especially since interest rates are relatively low.

The current 30-year VA loan rate is 5.77%, which is up from last week's 5.72%.

VA loans also typically come with lower rates. You also don't have to pay annual mortgage insurance premiums, which can make them more affordable than FHA loans. If you're affiliated with the military, a VA loan can be a great choice.

A 30-year, $300,000 mortgage with a 5.77% rate would result in a monthly payment of $1,755.

Today's 15-year VA loan rate is 5.18% — a four-basis-point drop from last week.

With $300,000 mortgage loan that has a 15-year term and 5.18% rate, you'd pay $2,401 monthly toward the principal and interest.

The 5/1 VA ARM rate today is 6.10%, which is a nine-point increase from last week.

If you got a 5/1 VA ARM with a 30-year term and 6.10% rate, you'd pay $1,818 toward the $300,000 principal and interest. After the first five years, your rate and monthly payment would alter annually.

Learn more: Best VA loan lenders

Today's 30-year fixed refinance rate is 7.00%, up from last week's 6.82%.

If you refinance into a $300,000 mortgage with a 30-year term and 7.00% rate, your new monthly mortgage payment toward principal and interest will be $1,996.

The current 20-year fixed refinance rate is 6.48%, which is 14 basis points higher than this time last week.

A new 20-year $300,000 mortgage with a 6.48% rate would result in a $2,233 monthly principal and interest payment.

The 15-year fixed refinance rate is 6.09%, which is up just four basis points from last week's 6.05%.

A refinanced mortgage with a $300,000 principal, 15-year term, and 6.09% rate would result in a $2,546 monthly payment.

Read more: Want to refinance your mortgage? Here are 7 home refinance options.

5/1 ARM refinance rates barely move (-0.01%)

Today's 5/1 ARM refinance rate is 6.29%, just one basis point lower than last week.

A 5/1 ARM with a 6.29% rate and $300,000 principal would lead to an $1,855 monthly payment for the first five years of your refinanced mortgage. Then, your rate will go up or down annually for the last 25 years of your mortgage.

Today, the 7/1 ARM refinance rate is 6.50%, which is much higher than last week's 6.11%.

If you get a 7/1 ARM mortgage with a 6.50% rate, your monthly payment will be $1,896 on a $300,000 loan. After the first seven years, your rate will adjust annually for the remaining 23 years.

30-year FHA refinance rates drop (-0.20%)

The current 30-year FHA refinance rate is 5.29%, which is down 20 basis points from last week.

By refinancing into a 30-year FHA loan with a $300,000 balance and 5.29% rate, you'll pay $1,664 each month.

Learn more: Best FHA lenders

The 30-year VA refinance rate is 5.77% today, up three basis points since last week.

A 30-year $300,000 mortgage with a 5.77% rate will result in a $1,755 monthly payment toward your principal and interest.

15-year VA refinance rates go down (-0.28%)

Today's 15-year VA refinance rate is 4.95%, down significantly over the last week.

A 15-year refinanced mortgage for $300,000 with a 4.95% rate would cost you $2,365.

5/1 ARM refinance rates go down (-0.09%)

The 5/1 ARM refinance rate is 5.68%, down nine basis points from last week's 5.77%.

A 5/1 ARM with a 5.68% rate and $300,000 mortgage will result in a $1,737 monthly payment for the first five years. Then, your rate will increase or decrease for the remaining 25 years of your term.

Dig deeper: How soon can you refinance your mortgage after buying a home?

Many mortgage rates have increased since this time last week, but not all. The 30-year fixed rate when you buy a house is 6.50% today, and the 30-year fixed rate on a refinanced mortgage is 7.00%.

Some mortgage refinance rates are dropping this week, such as the 30-year FHA and 15-year VA refinance rates. Others have increased though.

To get the lowest mortgage rate in the current housing market, make a sizable down payment, have an excellent credit score, and keep your debt-to-income ratio (DTI) low. The stronger your personal finances, the lower your interest rate should be.

It's impossible to predict the best day for a mortgage rate lock because rates shift from day to day. But locking in your rate early can be helpful so you can know what your monthly budget as a homeowner will be as soon as possible.