Mortgage Rates Today, Aug. 27, 2024: A quiet-ish few days?
The average 30-year fixed rate mortgage is 6.36% today, an increase of 0.05% since yesterday. The 15-year fixed mortgage rate stands at 5.48%, up by 0.1%. The 30-year FHA mortgage now averages 5.66%, having stayed the same. Meanwhile, the 30-year jumbo mortgage rate is 6.89%, reflecting a decrease of 0.04%.
In brief
Mortgage rates didn't move far yesterday. But who cares?
Mortgage rates today are at their third-lowest over the last month. And that means they're close to their lowest point in over a year.
Meanwhile, nearly all experts are expecting them to continue to drift gently lower. So, what's not to like?
Well, nearly nothing. There's just a bit of inevitable uncertainty. Nobody can ever be 100% sure what's coming next.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.36% | 6.39% | +0.05% | -0.55% |
| 15-Year Fixed | 5.48% | 5.54% | +0.1% | -0.56% |
| 30-Year Fixed FHA | 5.66% | 6.5% | +-0% | -0.43% |
| 30-Year Fixed VA | 5.69% | 5.83% | +0.12% | -0.48% |
| 30-Year Fixed USDA | 5.74% | 5.78% | +0.15% | -0.3% |
| 30-Year Fixed Jumbo | 6.89% | 6.92% | -0.04% | -0.37% |
| 5/6 Year ARM | 6.77% | 6.82% | +0.02% | -0.39% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.48% | 6.51% | +0.03% | -0.54% |
| 15-Year Fixed | 5.48% | 5.54% | +0.09% | -0.56% |
| 30-Year Fixed FHA | 5.68% | 6.52% | -0.01% | -0.43% |
| 30-Year Fixed VA | 5.69% | 5.84% | +0.12% | -0.46% |
| 5/6 Year ARM | 6.87% | 6.93% | +0.08% | -0.4% |
Coming up
Yesterday in the rearview mirror
Mortgage rates barely moved yesterday. That wasn't much of a surprise because there was little on the calendar that typically affects them.
True, the sole economic report came in way better than expected, which might often push mortgage rates higher. But it covered durable goods orders and those investors who care about mortgage rates routinely shrug those particular figures off.
Yesterday's other event was a TV interview given by San Francisco Federal Reserve President Mary Daly. And she said exactly what you'd expect: that "the time is upon us" to reduce interest rates.
Today
Today's two economic reports are only a bit more likely to pique investors' interest than yesterday's durable goods orders. They're the June S&P Case-Shiller home price index and August's consumer confidence.
Consumer confidence data can affect mortgage rates. But markets are already expecting the index to rise to 101 in August from 100.3 in July. So, it would need to be surprisingly higher than 101 to make much difference.
Tomorrow
No economic reports are scheduled for tomorrow but we're due a speech from Atlanta Fed President Raphael Bostic.
Later this week
The report this week that's most likely to move mortgage rates is Friday's personal consumption expenditures (PCE) price index. Markets usually treat this as a poor relation of the consumer price index.But they have reason this week to take the PCE price index much more seriously. That's because it's the Fed's preferred measure of inflation.
And it's the last one before the Sep. 17-18 meeting of the Fed's rate-setting committee. That's when it will likely decide between a quarter-point or half-point cut to general interest rates.
There are some economic reports on Thursday. But their effects will probably be limited and temporary.
