Mortgage Rates Today: June 11, 2024—Rates Remain Fairly Steady

Currently, the average interest rate on a 30-year fixed mortgage is 7.50%, compared to 7.48% a week ago.

For borrowers who want to pay off their home faster, the average rate on a 15-year fixed mortgage is 6.73%, up 0.01 percentage point from the previous week.

Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate with current market rates to make sure it’s worth the cost to refinance.

Current Mortgage Rates for June 11, 2024

LOAN TERM	RATE	CHANGE	RATE LAST WEEK
30-Year Mortgage Rate	7.50%	+0.02	7.48%
15-Year Fixed Rate	6.73%	+0.01	6.72%
30-Year Jumbo Mortgage Rate	7.47%	-0.03	7.50%

*Source: Curinos

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30-Year Mortgage Rates

Today’s average rate on a 30-year mortgage (fixed-rate) remained at 7.50% from 7.50% yesterday. At this time last week, the 30-year fixed was 7.48%.

On a 30-year fixed mortgage, the APR is 7.52%, lower than it was last week. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.

At today’s interest rate of 7.50%, homebuyers with a 30-year fixed-rate mortgage of $100,000 will pay $699 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. You’d pay approximately $151,816 in total interest over the life of the loan.

15-Year Mortgage Rates

Today’s 15-year mortgage (fixed-rate) is 6.73%, up 0.01 percentage point from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.72%.

The APR on a 15-year fixed is 6.76%. It was 6.59% a week earlier.

A 15-year, fixed-rate mortgage with today’s interest rate of 6.73% will cost $884 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $59,044 in total interest.

Jumbo Mortgage Rates

The current average interest rate on a 30-year fixed-rate jumbo mortgage is 7.47%. Last week, the average rate was 7.50%.

If you lock in today’s rate of 7.47% on a 30-year, fixed-rate jumbo mortgage, you will pay $697 per month in principal and interest per $100,000 in financing. That means that on a $750,000 loan, the monthly principal and interest payment would be around $5,228, and you’d pay around $1.13 million in total interest over the life of the loan.

How To Calculate Mortgage Payments

To get an estimate of your mortgage costs, using a mortgage calculator can help.

Simply input the following information:

• Home price
• Down payment amount
• Interest rate
• Loan term
• Taxes, insurance and any HOA fees

How Much House Can I Afford?

The amount of house you can afford depends on a number of factors, including your income and debt.

Here are a few basic factors that go into what you can afford:

• Income
• Debt
• Debt-to-income ratio (DTI)
• Down payment
• Credit score

How Are Mortgage Rates Determined?

Home loan borrowers can qualify for better mortgage rates by having good or excellent credit, maintaining a low debt-to-income (DTI) ratio and pursuing loan programs that don’t charge mortgage insurance premiums or similar ongoing charges that increase the loan’s annual percentage rate (APR).

Comparing rates from different mortgage lenders is an excellent starting point. You may also compare conventional, first-time homebuyer and government-backed programs like FHA and VA loans, which have different rates and fees.

For the most part, several economic factors influence the trajectory of rates for new home loans. The recent Federal Reserve rate hikes don’t directly cause mortgage rates to rise but have indirectly caused the interest rates for many long-term loans to increase. Rates are more likely to decrease when the Fed pauses or decreases its benchmark Federal Funds Rate.

Further, the inflation rate and the general state of the economy directly impact interest rates. High inflation and a strong economy typically signal higher rates. Cooling consumer demand or inflation may help rates decrease.

What Is the Best Type of Mortgage Loan?

As you compare lenders, consider getting rate quotes for several loan programs. In addition to comparing rates and fees, these programs can have flexible down payment and credit requirements that make qualifying easier.

Conventional mortgages are likely to offer competitive rates when you have a credit score between 670 and 850, although it’s possible to qualify with a minimum score of 620. This home loan type also doesn’t require annual fees when you have at least 20% equity and waive PMI.

Several government-backed programs are better when you want to make little or no down payment:

• FHA loans. Borrowers with a credit score above 580 only need to put 3.5% down and applicants with credit scores ranging from 500 to 579 are only required to make a 10% down payment with FHA loans.
• VA loans. Servicemembers, veterans and qualifying spouses don’t need to make a down payment when the sales price is less than the home’s appraisal value. VA loan credit requirements vary by lender.
• USDA loans. Applicants in eligible rural areas can buy or build a home with no money down using a USDA loan. Moderate-income borrowers can qualify for a 30-year fixed-rate term through the Guaranteed Loan Program. Further, buyers with a very low or low income can receive a 33-year term and payment assistance is available through the agency’s Direct Loans program. Credit requirements differ by lender.

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