Добавить новость
smi24.net
News in English
Июнь
2024

Daily mortgage rates for June 20, 2024: Mortgage rates ease, pulling average on 30-year terms under 7%

0

Average mortgage rate continued easing across the board, pulling the average rate on a 30-year fixed mortgage under 7% and 15-year terms under 6.5% as of Thursday, June 20, 2024, a week after the Federal Reserve's decision to hold benchmark interest rates at a current 23-year high. 

The current average rate for a 30-year fixed mortgage is 6.94% for purchase and for refinance — down 11 basis points from 7.05% for purchase and 15 basis points from 7.09% for refinance last Thursday. Rates on a 15-year mortgage stand at an average 6.38% for purchase and 6.43% for refinance, down 12 basis points from 6.50% for purchase and 12 basis points from 6.55% for refinance this time last week. The average rate on a 30-year fixed jumbo mortgage is 7.02%.

Mortgage rates for Thursday, June 20, 2024

  • 30-year fixed rate — 6.94%

  • 20-year fixed rate — 6.74%

  • 15-year fixed rate — 6.38%

  • 10-year fixed rate — 6.28%

  • 5/1 adjustable rate mortgage — 6.53%

  • 30-year fixed FHA rate — 7.00%

  • 30-year fixed VA rate — 7.09%

  • 30-year fixed jumbo rate — 7.02%

Mortgage rates for Thursday, June 20, 2024

  • 30-year fixed rate — 6.94%

  • 20-year fixed rate — 6.79%

  • 15-year fixed rate — 6.43%

  • 10-year fixed rate — 6.29%

  • 5/1 adjustable rate mortgage — 6.36%

  • 30-year fixed FHA rate — 7.09%

  • 30-year fixed VA rate — 7.68%

  • 30-year fixed jumbo rate — 7.04%

Freddie Mac weekly mortgage report: Rates continue falling back

Freddie Mac reports an average 6.95% for a 30-year fixed-rate mortgage, down 4 basis points from last week's average 6.99% for a 30-year fixed-rate mortgage, according to its weekly Prime Mortgage Market Survey of nationwide lenders published on June 13, 2024. The fixed rate for a 15-year mortgage is 6.17%, down 12 basis points from last week's average 6.29%. These figures are higher than a year ago, when rates averaged 6.69% for a 30-year term and 6.10% for a 15-year term.

"Mortgage rates continued to fall back this week as incoming data suggests the economy is cooling to a more sustainable level of growth," says Sam Khater, Freddie Mac’s chief economist, of the latest data. “Top-line inflation numbers were flat but shelter inflation, which measures rent and homeownership costs, increased, showing that housing affordability continues to be an ongoing impediment for buyers on the house hunt.”

Freddie Mac updates its Prime Mortgage Market Survey data weekly on Thursday mornings.

Mortgage rates are determined by many factors that include inflation rates, economic conditions, housing market trends and the Federal Reserve's target interest rate. Lenders also consider your personal credit score, the amount available for your down payment, the property you're interested in and other terms of the loan you're requesting, like 30-year or 15-year offers.

Because mortgage rates can fluctuate daily, it's best to lock in a rate when you're comfortable with the overall conditions of your mortgage or home loan.

Mortgage lenders keep a close eye on the benchmark federal funds target interest rate set by the Federal Reserve, the U.S.'s central bank. Called the Fed rate, it's the benchmark that affects rates on deposit accounts, loans and other financial products. Typically, as the fed rate rises, so do APYs on savings products like CDs, high-yield savings accounts and money market accounts. Mortgage and home loan rates don't follow the Fed rate as closely, but they do reflect the same elements the Fed evaluates when making decisions on the benchmark — especially inflation — which means as the Fed rate increases, mortgage rates also tend to rise.

The Federal Reserve increased the target interest rate 11 times from March 2022 to July 2023 in an effort to combat the highest inflation in four decades coming out of the pandemic.

At the conclusion of its fourth rate-setting policy meeting of 2024 on June 12, 2024, the Federal Reserve kept the federal funds target interest rate steady at a 23-year high of 5.25% to 5.50%, marking the seventh consecutive time the Fed's held the benchmark rate unchanged since July 2023.

In its post-meeting statement, the Federal Reserve acknowledged "there has been modest further progress toward the Committee's 2 percent inflation objective," but also that the "economic outlook is uncertain, and the Committee remains highly attentive to inflation risks."

The Federal Reserve is focused on a 2% inflation goal that's ideal for keeping employment high and prices low. Despite speculation in March of three rate cuts by the end of the year, the Fed reiterated from its May statement that its rate-setting committee "does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent."

Officials now estimate one rate cut this year with an additional four cuts anticipated in 2025.

It's too early to predict what the Federal Reserve will decide at its next policy meeting on July 30 and July 31, 2024, though officials have signaled a cut to the key interest rate later this year.

Inflation appears to be cooling, falling from a peak of 9.1% in June 2022 to rates that have ranged from 3% and 4% since May 2023. The Consumer Price Index released on June 12 revealed consumer prices rose 3.3% year over year, unchanged from 3.3% in April, which was celebrated as "unequivocally good" by economists and puts pressure on the Fed's timetable for rate cuts. Producer Price Index data released on June 13 reports a 0.2% increase in wholesale prices — or the prices manufacturers pay to producers of goods and services — from April's 0.5% increase, adding evidence to cooling inflation.

Adding to the good news is the June 7 jobs report that showed a surge in hiring, with employers adding 272,000 jobs in May — higher than the 175,000 positions added in April.

When asked at a post-meeting press conference whether new inflation data changes the timeline on rate cuts, Federal Reserve Chair Jerome Powell said while it's "plausible" a cut could come as early as September, “We want to gain further confidence. Certainly, more good inflation readings will help with that."

The Powell-led rate-setting panel will announce a rate decision at the conclusion of its meeting on July 31 at 2 p.m. ET.

While high mortgage rates could convince current homeowners to delay selling their properties, resulting in low housing inventory, a major change in the way Americans buy and sell homes may offer a ray of sunshine to prospective homebuyers. On April 23, a judge granted preliminary approval to a $418 million antitrust settlement with the National Association of Realtors that ends customary real estate broker commissions of up to 6% of a home’s purchase price starting in July. The settlement isn’t expected to affect mortgage rates, yet it paves the way for consumers to negotiate what they pay for an agent’s services, saving homebuyers money in the long run.

Dig deeper: When’s the next Federal Reserve meeting? The FOMC — and how it affects your finances

The difference of even half a percentage point on your interest rate can save you hundreds of dollars a month and thousands of dollars over the life of your mortgage, but the mortgage rate you're ultimately offered depends on the mortgage you're interested in, payments you're willing to pay up front and your overall financial health.

  • Your credit score. Knowing your credit score can help you shop around for lenders you're likely to get approval through, as well as understand the type of mortgage for your lifestyle and income. The best mortgage rates go to borrowers with good to excellent credit — typically a FICO credit score of at least 670 — though even with fair credit, you may be able to find a mortgage offering decent rates.

  • Your down payment. The more money you can put down toward your home, the better it benefits your interest rate. Paying at least 20% of your home's purchase price up front generally results in a lower interest rate — and you can avoid mortgage insurance, which increases your total cost.

  • Your loan term. While the 30-year mortgage remains a popular way for Americans to purchase homes, you can find terms of 20 years, 15 years and 10 years. Shorter loan terms usually come with lower interest rates, though with higher monthly payments. Longer mortgage terms can result in smaller monthly payments, though you'll pay higher total interest over the life of your loan.

  • Interest rate type. Mortgage rates come with two basic types of rates — fixed and variable. Fixed-rate mortgages offer a consistent interest rate over the life of your loan, whereas adjustable-rate mortgages (ARMs) often start with a lower fixed rate for an agreed-on time and then adjust to a variable rate based on market conditions for the remainder of your term. Choosing between these two rates depends on your financial goals and tolerance for risk.

Lenders are financial institutions that loan money to homebuyers. A lender is different from a loan servicer, which typically handles the operational tasks of your loan, like processing payments, talking directly with borrowers and sending monthly statements.

Refinancing is a process of trading in your current mortgage to another lender for lower rates and better terms than your current loan. With a refinance, the new lender pays off your old mortgage and you then pay your monthly statements from the new lender.

An adjustable-rate mortgage — commonly called an ARM — is a type of home loan with a variable rate. Unlike a fixed-rate mortgage, which locks in an interest rate and predictable payments that apply over the full loan term, an ARM starts at an initial fixed rate for a period of three years or longer, after which it adjusts to a higher rate and then further adjusts periodically over the remaining life of the loan.

For a 5/1 adjustable-rate mortgage, the first number indicates the number of years at the fixed rate — or five years — and the second number indicates the rate at which the mortgage rate readjusts after — in this case, each year or annually.

Mortgage rates are influenced by complicated factors like inflation, employment rates, the bond market and the overall economy. While the Federal Reserve doesn't set mortgage rates, this central bank of the U.S. sets benchmark rates that indirectly affect rates on financial products like mortgages, personal loans and deposit accounts.

March inflation data came in higher than expectations, which is among the main concerns driving mortgage rates higher in April.

It's not likely — lenders consider the market conditions and other financial factors when determining rates. You can, however, ask about how you can reduce costs in other ways when comparing mortgage lenders. For instance, many lenders offer lower rates in exchange for "mortgage points" — upfront fees you pay to your lender. A mortgage point could cost 1% of your mortgage amount, which means about $5,000 on a $500,000 home loan, with each point lowering your interest rate by about 0.25%, depending on your lender and loan.

Editor's note: Rates shown are as of Thursday, June 20, 2024, at 6:20 a.m. ET. APYs and promotional rates for some products can vary by region and are subject to change.








Юбилейный фестиваль «Лица улиц» пройдёт в Екатеринбурге

Трамвай «Славянка» получил первые тяговые подстанции

«REC. Гран-При Авторадио»: гонка на выносливость снова в Москве

В Москве прошла премия в области бизнеса, культуры и социальной сферы The Moscow Life & Business Awards – 2025


OpenAI launches GPT-5, its most powerful AI yet—will it be enough to stay ahead in today’s ruthless AI race? 

Trump’s threatened 40% tariff on ‘transshipped’ goods tries to target China and its manufacturing strength

Cameroon star has said yes to Man Utd transfer but Red Devils face hurdle

Man Utd have agreed deal with AC Milan for £40m star's exit, await player decision - report


У киберпреступников новая бизнес-модель

Специалисты Нацпроектстроя – в фотовыставке ко Дню Строителя

В ДТП на трассе погибли двое детей и женщина

НПС завершил проходку подземного перехода под МЦД-3


The US Air Force wants to test blowing up Cybertrucks because 'it is likely the type of vehicles used by the enemy may transition to Tesla Cyber trucks'

Steam for Chromebooks is getting axed in 2026 instead of exiting its 4-year beta

Находи идеальные места для персонажей-фигурок в «Is This Seat Taken?»

Mafia: The Old Country получила положительные оценки в Steam



«Бежим за Мечту — Ходить»: подростки на протезах пробегут марафон в Екатеринбурге

Процесс сошел с рельсов // Верховный суд определил пересмотреть дело о наезде Kia на трамвай

Продвижение Песни в Импульсе Яндекс Музыка.

Добро в каждой чашке: Елизавета Боярская, фонд «Жизнь в Движении» и сеть кофеен «Ягода» запускают авторский кофе для помощи детям с ОВЗ


Землетрясение 6,1 балла в Балыкесире: толчки ощущались в Стамбуле

Похороны режиссера Юрия Бутусова пройдут в Петербурге

ГК «КОРТРОС» — в числе лидеров страны по объему ввода жилья

Стало известно, как выглядит любимая квартира Татьяны Булановой


МЧС предупредило москвичей о грозе и порывистом ветре 11 августа

От Чехова с мангустами до встречи “Варягов”: что скрывают стены Московского вокзала Тулы

«Удары по лицу здесь запрещены»: Максим Бабанин позвал на тренировки слабослышащих детей

Процесс сошел с рельсов // Верховный суд определил пересмотреть дело о наезде Kia на трамвай


Александрова снизилась в рейтинге в борьбе за титул WTA

Фриц достиг третьего раунда на турнире в Цинциннати

Кудерметова победила Ламенс и прошла во второй круг турнира WTA 1000 в США

"Это невозможно есть": Звезда тенниса из России раскритиковала кухню Парижа


Овчинский: По проекту КРТ на Окской улице построят жилье для реализации программы реновации

Причиной гибели Бутусова могло стать мертвое волнение в Черном море

МЧС предупредило москвичей о грозе и порывистом ветре 11 августа

Процесс сошел с рельсов // Верховный суд определил пересмотреть дело о наезде Kia на трамвай


Музыкальные новости

СМИ: На Тимати подали в суд и потребовали почти восемь миллионов рублей

Обиды на отца, алкоголизм, ссоры с Влади и дружба с Ефремовым: как живёт Никита Высоцкий

Metallica хочет выступить на Суперкубке 2026 и рассматривает резиденцию в Las Vegas Sphere

Процесс сошел с рельсов // Верховный суд определил пересмотреть дело о наезде Kia на трамвай


"Динамо" Карпина упустило победу над "Сочи" в конце матча

Добро в каждой чашке: Елизавета Боярская, фонд «Жизнь в Движении» и сеть кофеен «Ягода» запускают авторский кофе для помощи детям с ОВЗ

«Бежим за Мечту — Ходить»: подростки на протезах пробегут марафон в Екатеринбурге

От Чехова с мангустами до встречи “Варягов”: что скрывают стены Московского вокзала Тулы


Казанцы дадут бой армейцам в Москве? ЦСКА — «Рубин»: прогноз и ставка

Рок-фестиваль «Окна Открой» в Петербурге: возвращение звезд и открытие новых талантов

Сергей Собянин. Главное за день

Миронов выступил за развитие российской фармацевтики без вреда для населения


Участники АНО «СВОй спорт» организовали открытую тренировку по боксу на стадионе «Москвич» в День физкультурника

Москва: Новая эра зарядных станций для электромобилей с поддержкой инвесторов

Процесс сошел с рельсов // Верховный суд определил пересмотреть дело о наезде Kia на трамвай

Дилеры по всей России получают Lada Iskra. Пока отгружают только седаны в цвете «Капитан» и универсалы в цвете «Табаско»


Медиа сообщили о планах Зеленского в ответ на встречу Путина и Трампа

Путин обратился с приветствием к участникам форума «Машук»

МИД РФ: Киев может устроить провокации перед встречей Путина и Трампа на Аляске

Путин выразил поздравления Адабашяну по случаю юбилея




Будут ли магнитные бури сегодня, 10 августа 2025 года?

«Бежим за Мечту — Ходить»: подростки на протезах пробегут марафон в Екатеринбурге

Авторская методика Натальи Бородиной – путь к восстановлению памяти и защите от деменции

«Бежим за Мечту — Ходить»: подростки на протезах пробегут марафон в Екатеринбурге


NYT: своими заявлениями Зеленский может разозлить Трампа и навлечь на себя

В Киеве заявили о тайном приказе Зеленского перед Аляской

После «успешных» переговоров с Вэнсом в Киеве вновь отвергли мирные инициативы

В Киеве раскрыли тайный приказ Зеленского перед саммитом США и РФ на Аляске


День физкультурника отметили спортивными шествиями по всей стране

Московское «Торпедо» и «Спартак» из Костромы обменяются голами, «Пюник» возьмет три очка. Экспресс дня 11 августа: прогноз и ставка

"Динамо" Карпина упустило победу над "Сочи" в конце матча

«Торпедо» и «Спартак» Кострома сразятся за три очка. «Торпедо» Москва — «Спартак» Кострома: прогноз и ставка



Мэр Москвы: Инвесторы смогут размещать зарядки для электромобилей

Сергей Собянин поздравил строителей Москвы с профессиональным праздником

Собянин поздравил московских строителей с профессиональным праздником

Сергей Собянин. Главное за день


Специалист указал необходимое количество редкоземельных металлов для производства электромобиля

Мэр Москвы: Инвесторы смогут размещать зарядки для электромобилей

За прошедшие сутки в России ликвидировано 28 лесных пожаров

Без морщин. Эксперты рассказали о плюсах изменения климата в Москве


"Динамо" Карпина упустило победу над "Сочи" в конце матча

МЧС предупредило москвичей о грозе и порывистом ветре 11 августа

Овчинский: По проекту КРТ на Окской улице построят жилье для реализации программы реновации

Легендарный футболист СССР отмазался от проблем с законом: решил все одним звонком


Полицейский погиб при задержании поджигателя релейного шкафа под Архангельском

В Алтайском крае не будут проводить проверку на предмет чрезмерного роста тарифов на ЖКУ

без заголовка

Чёрный день календаря. 8 августа: Архангельская трагедия. Как ошибка пилота погубила рейс Як-40


На консервном заводе в Симферополе изъяли 12 тонн небезопасного сырья

Анастасия Гридчина: В Симферополе, в стенах гостеприимного Дома дружбы народов, состоялась торжественная презентация военно-патриотических изданий, увидевших свет в 2025 году благодаря усилиям Медиацентра им. И. Гаспринского

Сергей Карякин: 7 августа на поезде из Москвы в Симферополь выехали участники специальной спортивно-образовательной программы «Шахматный лагерь Сергея Карякина», которая стартует в Международном детском центре «Артек»

Прогноз погоды в Крыму на 10 августа


Легендарный футболист СССР отмазался от проблем с законом: решил все одним звонком

Овчинский: По проекту КРТ на Окской улице построят жилье для реализации программы реновации

МЧС предупредило москвичей о грозе и порывистом ветре 11 августа

Пожар на Живописной: бытовки в Москве сгорели, пострадавших нет














СМИ24.net — правдивые новости, непрерывно 24/7 на русском языке с ежеминутным обновлением *