Mortgage Rates Today: August 6, 2024—Rates Move Down

Category: Finance

Today's average mortgage rates show a 30-year fixed-rate mortgage at 6.87% and a 15-year fixed-rate mortgage at 6.04%. Borrowers can save on interest costs with a 15-year mortgage despite higher monthly payments. The APR for a 30-year mortgage is 6.89%, while the 15-year APR is 6.07%. Factors influencing mortgage rates include the Federal Reserve, bond market, economic health, and inflation. Borrowers can secure lower rates by improving credit scores, managing debt-to-income ratios, and understanding loan terms.

Keywords: Mortgage Rates, APR, Refinancing

Source: Forbes

Update At: 8/6/2024

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