A week ago today, the Federal Reserve slashed the fed funds rate by 50 basis points. It also signaled that it will cut the rate two more times in 2024. But since then, most mortgage rates have spiked. For example, today’s 30-year fixed mortgage rate has increased by 20 basis points to 5.78%.
Despite these higher rates, there are two pieces of good news. First, mortgage rates will likely decrease later in 2024 and throughout 2025 — so if you want to buy in the next year or so, you could get a good rate. Second, even though rates are up this week, mortgage rates are still much lower than a month ago. This time in August, the 30-year fixed rate was 6.01%, or 23 basis points higher than today. So, if you’re in the market to buy a house, you’re still getting a better deal than you would have a month or two ago.
Learn more: Is it a good time to buy a house?
Mortgage rates today
Here are the current mortgage rates, according to our latest Zillow data:
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30-year fixed: 5.78%
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20-year fixed: 5.55%
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15-year fixed: 4.92%
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5/1 ARM: 5.83%
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7/1 ARM: 6.30%
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30-year VA: 5.16%
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15-year VA: 4.83%
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5/1 VA: 5.61%
Remember that these are the national averages and rounded to the nearest hundredth.
Read more: What determines mortgage rates? It’s complicated.
Mortgage refinance rates today
Here are today’s mortgage refinance interest rates, according to the latest Zillow data:
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30-year fixed: 5.85%
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20-year fixed: 5.57%
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15-year fixed: 4.97%
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5/1 ARM: 6.14%
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7/1 ARM: 5.78%
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5/1 FHA: 4.50%
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30-year VA: 5.25%
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15-year VA: 5.10%
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5/1 VA:…
