Key Rates Move Higher for Homebuyers: Mortgage Rates for June 4, 2024

The average for a 30-year fixed-mortgage is 7.18% today, up 0.07% compared to one week ago. The average rate for a 15-year fixed mortgage is 6.69%, which is an increase of 0.08% from the same time last week. For a look at mortgage rate movement, see the chart below.

Given that inflation data hasn’t been improving, the Federal Reserve has been pushing off rate cuts. Though mortgage rates could still go down later in the year, housing market predictions change regularly in response to economic data, geopolitical events and more.