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Mortgage and refinance rates today, August 14, 2024: Minor shifts since last Wednesday

Laura Grace Tarpley
·Lead Editor and Content Strategist, Mortgages
Updated 9 min read

Mortgage rates are a bit all over the place today — some have increased since this time last week while others have decreased. Many of the refinance rate shifts are fairly significant, but the purchase rate changes are more minor. For example, Zillow data shows that the 30-year fixed purchase rate is up seven basis points to 6.13%, and the 5/1 VA ARM purchase rate has dropped by just three basis points to 5.76%.

Rates plummeted last week after the July jobs report showed a cooling market, giving people hope that the Fed would slash its rates more significantly at its upcoming September meeting. Most rates have stabilized since then, but it's still possible the Fed will cut the federal funds rate by 50 basis points rather than 25, which would push mortgage rates down too.

Today's Consumer Price Index (CPI) reading showed that July's inflation was in line with economists' predictions and sits at 2.9%. Following the CPI release, the CME FedWatch Tool shows a 56.5% chance of a 25-point cut and a 43.5% chance of a 50-point drop.

Read more: What determines mortgage rates? It's complicated.

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

  • 30-year fixed: 6.13%

  • 20-year fixed: 5.76%

  • 15-year fixed: 5.37%

  • 5/1 ARM: 6.13%

  • 7/1 ARM: 6.29%

  • 5/1 FHA: 4.78%

  • 30-year VA: 5.49%

  • 15-year VA: 5.00%

  • 5/1 VA: 5.76%

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

Learn more: 5 strategies to get the lowest mortgage rates

Here are today's mortgage refinance interest rates, according to the latest Zillow data:

  • 30-year fixed: 6.29%

  • 20-year fixed: 6.03%

  • 15-year fixed: 5.57%

  • 5/1 ARM: 6.12%

  • 7/1 ARM: 6.27%

  • 5/1 FHA: 4.75%

  • 30-year VA: 5.54%

  • 15-year VA: 5.20%

  • 5/1 VA: 5.40%

As with the purchase mortgage rates, these are national averages we've rounded to the nearest hundredth. Keep in mind that refinance rates are usually a little higher than rates on your original mortgage.

Learn more: Is now a good time to refinance your mortgage?

Use the free Yahoo Finance mortgage calculator see how different mortgage terms and interest rates will impact your monthly payments. This can help you decide whether to buy a home or refinance in the near future.

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 6.13%, which is up seven basis points from last week's 6.06%.

On a $300,000 mortgage, a 6.13% rate on a 30-year term would result in a monthly mortgage payment of $1,824 toward principal and interest.

The 20-year fixed rate is 5.76% today, up six basis points since last Wednesday.

A 5.76% rate on a $300,000, 20-year mortgage means you would pay $2,108 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 5.37%, an increase of three basis points since last week.

With a 15-year term and 5.37% interest rate, your monthly payment on a $300,000 mortgage would jump to $2,431. 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

5/1 ARM rates decrease (-0.05%)

The mortgage interest rate is 6.13% on a 5/1 adjustable-rate mortgage (ARM) today. This is five-basis-point drop from last week, when it was 6.18%.

If you have a 5/1 ARM with a 30-year term, and your loan is for $300,000, a 6.13% rate will result in a $1,824 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 6.29%. This time last week, the rate was 6.15%.

A 6.29% rate means your monthly payment on a $300,000 mortgage will be $1,855 for the first seven years, then it will change annually for the last 23 years of your term.

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

5/1 FHA rates nosedive (-0.32%)

The 5/1 FHA loan rate is 4.78%, which is down 32 basis points since last week.

With a 4.78% rate on a 30-year term, you'd pay $1,570 monthly toward your principal and interest on a $300,000 mortgage. FHA loans can be great options if you have a low credit score or high debt levels, especially since interest rates are relatively low.

The current 30-year VA loan rate is 5.49%, which is up from last week's 5.28%.

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 5.49% rate would result in a monthly payment of $1,701.

Today's 15-year VA loan rate is 5.00% — a 40-basis-point incline from last week.

With $300,000 mortgage loan that has a 15-year term and 5.00% rate, you'd pay $2,372 monthly toward the principal and interest.

5/1 VA ARM rates let up (-0.03%)

The 5/1 VA ARM rate today is 5.76%, which is a three-point decrease from last week.

If you got a 5/1 VA ARM with a 30-year term and 5.76% rate, you'd pay $1,753 toward the $300,000 principal and interest. After the first five years, your rate and monthly payment would alter annually.

Learn more: Best VA loan lenders

Today's 30-year fixed refinance rate is 6.29%, up significantly from last week's 5.98%.

If you refinance into a $300,000 mortgage with a 30-year term and 6.29% rate, your new monthly mortgage payment toward principal and interest will be $1,855.

The current 20-year fixed refinance rate is 6.03%, which is 26 basis points higher than this time last week.

A new 20-year $300,000 mortgage with a 6.03% rate would result in a $2,154 monthly principal and interest payment.

The 15-year fixed refinance rate is 5.57%, so it hasn't changed since this time last week.

A refinanced mortgage with a $300,000 principal, 15-year term, and 5.57% rate would result in a $2,462 monthly payment.

Read more: Want to refinance your mortgage? Here are 7 home refinance options.

5/1 ARM refinance rates fall (-0.14%)

Today's 5/1 ARM refinance rate is 6.12%, 14 basis points lower than last week.

A 5/1 ARM with a 6.12% rate and $300,000 principal would lead to an $1,822 monthly payment for the first five years of your refinanced mortgage. Then, your rate will go up or down annually for the last 25 years of your mortgage.

7/1 ARM refinance rates decrease (-0.08%)

The 7/1 ARM refinance rate is 6.27% today, an eight-basis-point decline since last week.

If you get a 7/1 ARM mortgage with a 6.27% rate, your monthly payment will be $1,851 on a $300,000 loan. After the first seven years, your rate will adjust annually for the remaining 23 years.

5/1 FHA refinance rates plunge (-0.38%)

The current 30-year FHA refinance rate is 4.75%, which is down a full 38 basis points from last week.

By refinancing into a 30-year FHA loan with a $300,000 balance and 4.75% rate, you'll pay $1,565 each month.

Learn more: Best FHA lenders

The 30-year VA refinance rate is 5.54% today, up 21 basis points since last week.

A 30-year $300,000 mortgage with a 5.54% rate will result in a $1,711 monthly payment toward your principal and interest.

Today's 15-year VA refinance rate is 5.20%, up significantly over the last week.

A 15-year refinanced mortgage for $300,000 with a 5.20% rate would cost you $2,404.

5/1 ARM refinance rates go down (-0.11%)

The 5/1 ARM refinance rate is 5.40%, down 11 basis points from last week's 5.51%.

A 5/1 ARM with a 5.40% rate and $300,000 mortgage will result in a $1,685 monthly payment for the first five years. Then, your rate will increase or decrease for the remaining 25 years of your term.

Dig deeper: How soon can you refinance your mortgage after buying a home?

Some mortgage rates have decreased today, but more of them have increased. According to Zillow, the 30-year fixed rate has gone up by seven basis points since last week, and the 15-year fixed rate is up three basis points.

Some mortgage refinance rates have dropped since last week, such as the 5/1 ARM refinance rates, which is down 14 basis points. But many have inclined. For example, the 30-year fixed refinance rate has increased by 31 basis points to 6.29%.

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 personal finances, the lower your interest rate should be.

It's impossible to predict the best day for a mortgage rate lock because rates 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.