Market insights

What rates mean for you

Personalized takeaways based on this week's rate data — written for buyers, not bankers. Read today's Daily Briefing →

Live FRED data · Updated Jul 21, 10:26 PM

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Trend

Rates rose this week

The average 30-year fixed rate rose by 0.06 percentage points to 6.55%. Higher rates mean slightly higher monthly payments for the same loan.

Context

Compared to a year ago

Today's 30-year fixed rate is -0.19% vs. roughly a year ago. Rates have been relatively stable over the past year.

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ARM vs 30-year fixed

Freddie Mac stopped publishing live 5/1 ARM rates in Nov 2022. The last recorded 5/1 ARM was 6.06% (2022-11-10). Compare today's 30-year fixed at 6.55% and ask lenders directly for current ARM quotes.

Tip

FHA rate snapshot

FHA 30-year rates (Optimal Blue index) are at 6.36% — about 0.19 points below the conventional 30-year fixed. FHA allows down payments as low as 3.5%, but you'll pay mortgage insurance for the life of the loan in most cases.

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Jumbo loan premium

Jumbo 30-year rates are at 6.54%, close to conforming 30-year fixed rates. Jumbo loans apply when your loan amount exceeds local conforming limits (often $766k+ in 2024).

Impact

What a 0.25% change means

On a $350,000 loan, your principal & interest payment at 6.55% is about $2,224/mo. If rates go up 0.25%, that rises to ~$2,282/mo (+$58). If they drop 0.25%, it falls to ~$2,166/mo.

Tip

First-time buyer tip

Higher rates aren't a reason to panic — they're a reason to run the numbers. A larger down payment, buying slightly below your max budget, or exploring rate buy-downs can all reduce your monthly cost.

Tip

15-year vs 30-year

Right now, 15-year rates are about 0.62 points lower than 30-year (5.93% vs 6.55%). You'll pay more per month on a 15-year loan, but you'll build equity faster and pay far less interest over time.

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