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Mortgage and refinance rates today, August, 2024: Experts predict rates will keep falling

Most mortgage rates have decreased today. The 30-year mortgage rate is down two basis points to 6.17%, and the 30-year refinance rate has dropped five basis points to 6.29%

The MBA now predicts the 30-year fixed mortgage rate will end 2024 at 6.5% and 2025 at 5.9%. This is an improvement from last month when the association forecast rates would be at 6.6% at the end of 2024 and 6% in Q4 2025.

Now could be a good time to buy a home or refinance since rates in August have been low compared to the last several months. But if you're in no rush, you may want to hold out until later in 2024 or even in 2025 since rates could be even lower then.


Today's mortgage rates

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

30-year fixed: 6.17%

20-year fixed: 5.71%

15-year fixed: 5.48%

5/1 ARM: 6.30%

7/1 ARM: 6.11%

5/1 FHA: 4.75%

30-year VA: 5.48%

15-year VA: 4.86%

5/1 VA: 5.76%



Today's mortgage refinance rates

These are the current mortgage refinance rates, according to the latest Zillow data:

30-year fixed: 6.29%

20-year fixed: 5.72%

15-year fixed: 5.66%

5/1 ARM: 6.09%

7/1 ARM: 6.28%

5/1 FHA: 4.75%

30-year VA: 5.54%

15-year VA: 5.34%

5/1 VA: 5.34%




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