Mortgage Rates Today, Aug. 28, 2024: Another Quiet Day in Store?
The average 30-year fixed rate mortgage is 6.27% today, a decrease of 0.09% since yesterday. The 15-year fixed mortgage rate stands at 5.4%, down by 0.08%. The 30-year FHA mortgage now averages 5.56%, having dropped by 0.1. Meanwhile, the 30-year jumbo mortgage rate is 6.87%, reflecting a decrease of 0.02%.
In brief
Still, those rates are at their third-lowest level in August. And that means they're close to their lowest point in over a year. So, we don't mind if they stagnate a bit.
These rates might begin to change more noticeably tomorrow. That brings a couple of economic reports that sometimes affect them.
But Friday's calendar has the report that could most affect mortgage rates this week. So, stand by for that.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.27% | 6.31% | -0.09% | -0.5% |
| 15-Year Fixed | 5.4% | 5.46% | -0.08% | -0.51% |
| 30-Year Fixed FHA | 5.56% | 6.4% | -0.1% | -0.43% |
| 30-Year Fixed VA | 5.61% | 5.77% | -0.08% | -0.5% |
| 30-Year Fixed USDA | 5.58% | 5.62% | -0.16% | -0.4% |
| 30-Year Fixed Jumbo | 6.87% | 6.9% | -0.02% | -0.35% |
| 5/6 Year ARM | 6.78% | 6.83% | +0.01% | -0.31% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.4% | 6.44% | -0.08% | -0.48% |
| 15-Year Fixed | 5.39% | 5.45% | -0.09% | -0.53% |
| 30-Year Fixed FHA | 5.58% | 6.42% | -0.11% | -0.45% |
| 30-Year Fixed VA | 5.62% | 5.77% | -0.08% | -0.48% |
| 5/6 Year ARM | 6.82% | 6.88% | -0.05% | -0.33% |
Coming up
Mortgage rates today
Tomorrow
Three economic reports tomorrow stand little chance of affecting mortgage rates. Bond investors typically find them as boring as they sound. They're the advanced U.S. trade balance in goods; advanced retail inventories; and advanced wholesale inventories, all for July.
Also tomorrow, we're due the number of initial claims for unemployment benefits during the week ending Aug. 24. They're expected to inch lower to 230,000 from 232,000 last week.
Normally, investors don't bother with weekly data because they're too volatile to be useful. But they might pay attention right now because employment is their current obsession.
We're also due tomorrow the second reading (of three) of gross domestic product (GDP) growth during the second quarter of this year. Markets aren't expecting a change from the first reading, which came in at 2.8%.
And, finally, tomorrow should bring the July figures for pending home sales. The rate at which they're increasing is expected to plummet to 0.1%, down from 4.8% in June.
If GDP and pending home sales come in lower than markets expect, that could exert some downward pressure on mortgage rates. Higher-than-expected numbers could push them upward. The precise opposite is the case for initial jobless claims.
But, normally for all the figures due tomorrow, their impact on mortgage rates is limited and short-lived.
By the way, busy Mr. Bostic has another speaking engagement tomorrow afternoon.
Friday
Friday brings the 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 Friday's is the last one before the Sep. 17-18 meeting of the Fed's rate-setting committee. That's when the central bank will likely decide between a quarter-point or half-point cut to general interest rates. And that decision could have a significant effect on mortgage rates.
We'll brief you more fully on the PCE price index and Friday's other economic reports tomorrow.
Peter Warden has been covering mortgage, real estate, and personal finance for 15 years. He has appeared on The Mortgage Reports, Credit Sesame, Bills.com, and other publications.
