“As of June 20, the interest rate on a 30-year fixed-rate mortgage is 6.625%, 0.125 percentage points lower than on Tuesday. The 15-year fixed-rate mortgage stands at 5.990%, 0.010 percentage points lower.

With rates fluctuating daily, it's wise to check today's rates before applying for a loan. Compare different lenders’ interest rates, terms, and fees to secure the best deal. Rates last updated on June 20, 2024, based on the shown assumptions. Actual rates may vary. Credible, a personal finance marketplace, has 5,000 Trustpilot reviews with an average star rating of 4.7 out of 5.

The yield on long-term debt, like the 10-year U.S. Treasury note, continued its slow decline Tuesday. A drop in long-term market interest rates suggests investors expect the Federal Reserve to cut short-term rates soon, possibly by September. This could lower the 30-year fixed-rate mortgage, which has been around 7%.

Lower mortgage rates could boost the housing market and help first-time homebuyers. However, it’s unlikely rates will return to pre-COVID levels soon. Current homeowners with low rates are hesitant to move and refinance at higher rates. While falling mortgage rates don’t guarantee lower home prices, price increases have slowed recently, suggesting some relief for potential buyers.”