10 Lowest Mortgage Rates

As of August 2024, mortgage rates have seen some fluctuation, with average rates being relatively high compared to the pandemic-era lows. Here's a summary of current rates:

1. 30-Year Fixed Mortgage: Rates are averaging around 6.49% to 6.92% across different sources​.

2. 15-Year Fixed Mortgage: Rates are slightly lower, with averages around 5.58% to 6.28%​

3. 10-Year Fixed Mortgage: These rates are typically the lowest, averaging around 5.42%​ 

4. FHA and VA Loans: FHA 30-year fixed rates are around 5.81%, while VA 30-year fixed rates are around 5.86%​ .

5. Jumbo Loans: Rates for jumbo loans are higher, averaging about 6.75% for a 30-year fixed​.

   
   

Mortgage rates can vary depending on factors like your credit score, down payment, and the lender you choose. It's important to compare offers from multiple lenders to find the best rate for your financial situation. The current trend indicates that rates might not decrease significantly in the immediate future due to ongoing economic conditions, but it's still worth checking frequently for any changes.