The offers on this page are from advertisers who pay us. That may influence which products we write about, but it does not affect what we write about them. Here's an explanation of how we make money.

Mortgage rates today, July 3, 2024: Rates increase across the board

Laura Grace Tarpley
·Lead Editor and Content Strategist, Mortgages
6 min read

Mortgage rates have increased since this time last week. The 30-year fixed rate is now 6.80%, and the 15-year fixed rate is 6.13%. The 5/1 ARM rate has also risen and sits at 6.71%.

Usually, adjustable mortgage rates (ARMs) start lower than 30-year fixed mortgage rates — but lately, they've been similar to or higher than fixed rates. Consider whether you want an adjustable-rate or fixed-rate mortgage when shopping for mortgages. With an ARM, your rate will automatically change once your intro-rate period ends. This could be good if rates are down significantly in a few years, but there's no guarantee about where rates will be in five or 10 years. With a fixed rate, you have a predictable monthly payment and can choose to refinance later if rates go down.

This embedded content is not available in your region.

Dig deeper: When will mortgage rates finally go down?

Here are the current mortgage rates, according to our latest Zillow data:

  • 30-year fixed: 6.80%

  • 20-year fixed: 6.44%

  • 15-year fixed: 6.13%

  • 5/1 ARM: 6.71%

  • 7/1 ARM: 6.76%

  • 30-year FHA: 5.99%

  • 15-year FHA: 6.06%

  • 30-year VA: 6.05%

  • 15-year VA: 5.67%

  • 5/1 VA: 6.24%

Remember that these are the national averages and rounded to the nearest hundredth.

Learn more: 5 strategies to get the lowest mortgage rates

Use the free Yahoo Finance mortgage calculator see how different mortgage terms and interest rates will impact your monthly payments.

Our calculator also considers factors like property taxes and homeowners insurance when determining your estimated monthly mortgage payment. This gives you a better idea of your total monthly payment than if you just looked at mortgage principal and interest.

Today's 30-year fixed rate is 6.80%, which is up 20 basis points from last week's 6.60%.

On a $300,000 mortgage, a 6.80% rate on a 30-year term would result in a monthly mortgage payment of $1,952 toward principal and interest.

The 20-year fixed rate is 6.44% today, up a full 0.25% since last Wednesday.

A 6.44% rate on a $300,000, 20-year mortgage means you would pay $2,226 toward principal and interest each month. A 20-year term can be a nice balance between a 30-year and 15-year term because you'll pay off your mortgage faster and pay less in interest, but your monthly payments won't be as high as with a 15-year mortgage loan.

The current 15-year fixed rate is 6.13%, an increase of 19 basis points since last week.

With a 15-year term and 6.13% interest rate, your monthly payment on a $300,000 mortgage would jump to $2,553. However, you would pay off your loan much more quickly than with a longer term and pay less in interest.

Learn more: 15-year vs. 30-year mortgages

The mortgage interest rate is 6.71% on a 5/1 adjustable-rate mortgage (ARM) today. This is only a two-basis-point incline from last week, when it was 6.69%.

If you have a 5/1 ARM with a 30-year term, and your loan is for $300,000, a 6.71% rate will result in a $1,938 monthly payment for the first five years. Then, your rate will increase or decrease once per year for the remaining 25 years.

Today's 7/1 ARM mortgage rate is 6.76%. This time last week, the rate was 6.63%.

A 6.76% rate means your monthly payment on a $300,000 mortgage will be $1,948 for the first seven years, then it will change annually for the last 23 years of your term.

Today's 30-year FHA loan rate is 5.99%, which is unchanged from last week.

FHA loans typically come with lower rates than conventional mortgages — however, you'll likely have to pay FHA mortgage insurance premiums for the entire life of the loan, which could ultimately make it the more expensive option. Always compare offers between types of mortgages and mortgage lenders before choosing a home loan.

With a 5.99% rate on a 30-year term, your monthly payment toward the $300,000 principal and interest would be $1,797.

The 15-year FHA loan rate hasn't changed today, either. It's still 6.06%.

On a $300,000 mortgage with a 15-year term and 6.06% rate, your monthly payment would be $2,541.

Dig deeper: Best mortgage lenders for first-time home buyers

The current 30-year VA loan rate is 6.05%, which is up from last week's 5.90%.

VA loans also typically come with lower rates. You also don't have to pay annual mortgage insurance premiums, which can make them more affordable than FHA loans. If you're affiliated with the military, a VA loan can be a great choice.

A 30-year, $300,000 mortgage with a 6.05% rate would result in a monthly payment of $1,808.

Today's 15-year VA loan rate is 5.67% — a 20-basis-point increase from last week.

With $300,000 mortgage loan that has a 15-year term and 5.67% rate, you'd pay $2,478 monthly toward the principal and interest.

The 5/1 VA ARM rate today is 6.24%, which is a 13-point increase from last week.

If you got a 5/1 VA ARM with a 30-year term and 6.24% rate, you'd pay $1,845 toward the $300,000 principal and interest. After the first five years, your rate and monthly payment would alter annually.

Today, most mortgage interest rates have either inched up or remained flat since yesterday. The shifts upward are more significant since this time last week, though.

To get the lowest mortgage rate in the current housing market, make a sizable down payment, have an excellent credit score, and keep your debt-to-income ratio (DTI) low. The stronger your financial profile, the lower your interest rate should be.

It's impossible to predict the best day to lock in your mortgage rate because they can shift from day to day. But locking in your rate early can be helpful so you can know what your monthly budget as a homeowner will be as soon as possible.