Day: July 9, 2024

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Average 30-year mortgage rates are down slightly from last week but remain in the upper 6% range, according to Zillow data. A key inflation report coming out later this week could cause rates to fluctuate.

On Thursday, the Bureau of Labor Statistics will release June’s Consumer Price Index data. This index is expected to have slowed slightly on an annual basis, according to Investing.com. But core CPI, which strips out the volatile food and energy categories, is forecasted to have remained flat last month. 

Mortgage rates are unlikely to fall substantially until inflation slows further and the Federal Reserve starts lowering the federal funds rate. In fact, if this latest inflation report comes in hotter than expected, we could see rates tick up a bit. 

Investors currently believe that the Fed will start cutting its benchmark rate in September, according to the CME FedWatch Tool. This should remove some upward pressure off of mortgage rates and allow them to trend down a bit. 

As long as inflation continues to slow, mortgage rates should ease throughout the remainder of 2024, improving affordability for hopeful homebuyers. If you’re in the process of shopping for a home right now, you can limit the impact of today’s relatively high rates by getting quotes from multiple mortgage lenders.

Current Mortgage Rates

Current Refinance Rates

Mortgage Calculator

Use our free mortgage calculator to see how today’s mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you’ll also understand how much you’ll pay over the entire length of your mortgage.

Click “More details” for tips on how to save money on your mortgage in the long run.

Mortgage Rates for Buying a Home

30-Year Fixed Mortgage Rates Decrease Slightly (-0.09%)

The current average 30-year fixed mortgage rate is 6.62%, down nine basis points from where it was this time last week, according to Zillow data. This rate is up slightly compared to a month ago, when it was 6.53%. 

At 6.62%, you’ll pay $640 monthly toward principal and interest for every $100,000 you borrow.

The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you’ll pay back what you borrowed over 30 years, and your interest rate won’t change for the life of the loan.

20-Year Fixed Mortgage Rates Inch Down (-0.04%)

The average 20-year fixed mortgage rate is just four basis points down from where it was last week, and is sitting at 6.25%. This time last month, the rate was 6.25%.

With a 6.25% rate on a 20-year term, your monthly payment will be $731 toward principal and interest for every $100,000 borrowed.

A 20-year term isn’t as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option.

15-Year Fixed Mortgage Rates Essentially Flat (+0.01%)

The average 15-year mortgage rate is 5.99%, just one basis point higher than last week. It’s relatively steady compared to this time last month, when it was 5.92%.

With a 5.99% rate on a 15-year term, you’ll pay $843 each month toward principal and interest for every $100,000 borrowed.

If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you’ll have a higher monthly payment than you would with a longer term.

7/1 ARM Rates Tick Down (-0.15%)

The 7/1 adjustable mortgage rate is down 15 basis points from a week ago at 6.66%. It’s also down compared to a month ago, when it was at 6.80%. 

At 6.66%, your monthly payment would be $643 toward principal and interest for every $100,000 borrowed — but only for the first seven years. After that, your payment would increase or decrease annually depending on the new rate.

5/1 ARM Rates Nearly Unchanged (+0.01%)

The average 5/1 ARM rate is 6.57%, a one-basis-point increase from last week. It’s down compared to where it was a month ago, when it was 6.75%.

Here’s how a 6.57% rate would affect you for the first five years: You’d pay $637 per month toward principal and interest for every $100,000 you borrow.

30-Year FHA Rates Flat (No Change)

The average 30-year FHA interest rate is 5.99% today, which is exactly where it was last week. This rate was 6.00% a month ago.

At 5.99%, you would pay $599 monthly toward principal and interest for every $100,000 borrowed.

FHA mortgages are good choices if you don’t qualify for a conforming mortgage. You’ll need a 3.5% down payment and 580 credit score to qualify.

30-Year VA Rates Barely Inch Down (-0.02%)

The current VA mortgage rate is 5.94%, two basis points lower than this time last week. This rate was 5.82% a month ago.

With a 5.94% rate, your monthly payment would be $596 toward principal and interest for every $100,000 you borrow.

Mortgage Refinance Rates

30-Year Fixed Refinance Rates Increase Slightly (+0.16%)

The average 30-year refinance rate is 7.86%, 16 basis points up from last week. It’s nearly flat compared to a month ago, when it was 7.88%.

Here’s how a 7.86% rate would affect your monthly payments: You’d pay $724 toward principal and interest for every $100,000 borrowed.

Refinancing into a 30-year term can land you lower monthly payments, but you’ll ultimately pay more by refinancing into a longer term.

20-Year Fixed Refinance Rates Go Down (-0.11%)

The current 20-year fixed refinance rate is 7.01%, which is down 11 basis points compared to a week ago. This rate was 7.65% this time last month.

A 7.01% rate on a 20-year term will result in a $776 monthly payment toward principal and interest for every $100,000 you borrow.

15-Year Fixed Refinance Rates Rise (+0.37%)

The average 15-year fixed refinance rate is 6.41%, which is 37 basis points higher compared to last week. It’s down compared to this time a month ago, when it was at 6.99%.

A 6.41% rate on a 15-year term means you’ll pay $866 each month toward principal and interest for every $100,000 borrowed.

Refinancing into a 15-year term can save you money in the long run, because you’ll get a lower rate and pay off your mortgage faster than you would with a 30-year term. But it could result in higher monthly payments.

7/1 ARM Refinance Rates Tick Up (+0.08%)

The average 7/1 ARM refinance rate is 6.96%, up eight basis points from where it was last week. It’s also up slightly from a month ago, when it was 6.88%.

Refinancing into a 7/1 ARM with a 6.96% rate means your monthly payment toward principal and interest will be $663 for every $100,000 you borrow. This will be the payment for the first seven years, then your rate will change annually unless you refinance again.

5/1 ARM Refinance Rates Fall (-0.25%)

The 5/1 ARM refinance rate is 6.38%, which is 25 basis points lower than it was this time last week. It’s down compared to this time last month, when it was 6.55%.

A 6.38% rate will result in a monthly payment of $624 toward principal and interest for every $100,000 borrowed. You’ll pay this amount for the first five years of your new mortgage.

30-Year FHA Refinance Rates Flat (No Change)

The 30-year FHA refinance rate is 5.79%, which is the same as it was last week. It’s also flat from a month ago.

A 5.79% refinance rate would lead to a $586 monthly payment toward the principal and interest per $100,000 borrowed.

30-Year VA Refinance Rates Increase (+0.18)

The average 30-year VA refinance rate is 6.25%, which is up 18 basis points compared to where it was was last week. This rate was 5.91% a month ago.

At 6.25%, your new monthly payment would be $616 toward principal and interest for every $100,000 you borrow.

Are Mortgage Rates Going Down?

Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year. Though rates have been somewhat elevated recently, they should go down by the end of 2024. 

For homeowners looking to leverage their home’s value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease further. Check out some of our best HELOC lenders to start your search for the right loan for you.

A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you’re borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you’d do with a cash-out refinance.

Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans. 

Delmaine Donson/Getty Images

• A four-day work week trial at a UK council cut staff turnover by 39%, researchers from two universities said.
• The council saved almost $500,000, and worker mental health and motivation improved.
• The experiment showed improved or stable performance in 22 of 24 areas.

A four-day workweek reduces staff turnover, improves employee mental health, and saves money, according to the largest public sector trial held in the UK.

On Monday, academics at two British universities — Cambridge and Salford — released their findings from a 15-month trial of a shortened working week.

The experiment, which started in January 2023, was introduced by South Cambridgeshire District Council in southeast England.

It is the largest public sector trial of the four-day workweek held so far in the UK, involving 697 employees, including office and waste workers.

As part of the project, people were expected to complete 100% of their work in 80% of the time for full pay.

Researchers assessed 24 areas, such as worker motivation, staff mental health, and workers’ commitment to their roles.

Out of the 24 areas assessed, performance improved or stayed the same in a total of 22. Staff turnover was reduced by 39%, significantly lowering recruitment demand. The number of external applicants for open roles also greatly increased, with 76% reporting the four-day week trial as influencing them to apply for open positions.

Prof Daiga Kamerāde, one of the report’s authors and a professor of work and wellbeing at the University of Salford, told Business Insider: “Organizations that will be too reluctant to introduce the four-day week might start falling behind, because that’s what we see in other trials already.”

“Organizations who are forerunners in the industry of four-day workweek trials attract the best talent around because people say if I can do four days a week or five days a week, I’m going to go where I can do four days a week,” she said.

The project helped the council to save £371,500 ($476,980), mainly from agency staff costs, which related to only 10 posts.

Workers saw their mental and physical health improve and their motivation levels rise, researchers said.

“You can see across the board, that if anything, there’s a lot more evidence that things improved during the period of the trial compared to before the trial,” Prof Brendan Burchell, another author of the report and a professor at the faculty of Human, Social and Political Sciences at the University of Cambridge, told BI.

Discussing the positive outcomes of the four-day workweek experiment, he said: “It should give other organizations a lot of confidence that this is definitely something worth looking at.”

There were just two drawbacks discovered from the shorter week.

Rent collected from social housing mildly declined, and the average number of days to re-let housing stock worsened slightly. Burchell said national problems such as the cost-of-living crisis and people struggling to pay their bills were partially responsible for the trial’s problematic aspects.

The US, Canada, Ireland, and Germany are among the countries that have trialed the shortened working week. Belgium became the first country to legislate for a four-day week in February 2022.

In a post-pandemic world already accustomed to remote and hybrid work patterns, with more and more reports coming back hailing the benefits of prolonged weekends, the movement is gaining traction.

“When workers are better rested, when they have a better work-life balance, and they have more time to themselves outside of work, they then actually perform better at their job,” Joe Ryle, the campaign director at 4 Day Week, a campaign to transition to a shorter working week with no loss of pay, told BI.

“We’re finding that people are doing all sorts of things on their day off, like volunteering in the community,” he said.

“At the end of the day, that’s what this is all about, it’s about creating a society where we can all live happier and healthier lives.”

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Banks are fighting for customer dollars right now, and people with cash to spare are well-positioned to benefit from a high rate environment. With rates rapidly changing, how can you feel confident that you’re getting the best savings account or best CD?

We monitor rates from banks and credit unions daily to help you feel confident before you open a new account. Experts don’t expect CD rates to go up in 2024, so now could be a great time to lock in a rate if you’re ready. Here are the top rates for popular savings accounts and CDs on Tuesday, July 9.

Featured Nationally Available Deposit Rates

Account Name	APY (Annual Percentage Yield) Accurate as of 7/8/2024	Minimum Account Opening Balance
Western Alliance Bank High-Yield Savings Premier	5.36%	$500
BrioDirect High-Yield Savings Account	5.30%	$5,000
Forbright Growth Savings	5.30%	$0
CIT Bank Platinum Savings	5.00% (with $5,000 minimum balance)	$100
Barclays Online Savings Account	4.35%	$0
Capital One 360 Performance Savings	4.25%	$0

Featured Nationally Available CD Rates

Account Name	APY (Annual Percentage Yield) Accurate as of 7/8/2024	Minimum Account Opening Balance
Barclays 1 Year Online CD	5.00%	$0
Western Alliance Bank 3 Month CD, powered by Raisin	5.30%	$1
Barclays 6 Month Online CD	4.85%	$0
Freedom Bank 1 Year No Penalty CD	5.00%	$1
Discover 18 Month CD	4.40%	$2,500
Bread Savings 2 Year High-Yield CD	4.65%	$1,500
Quontic 5 Year CD	4.30%	$500

Savings Account Bonus

Alliant High-Rate Savings Account

Earn a $100 bonus when you deposit at least $100 a month for 12 consecutive months and have a balance of $1,200 or more at the end of the 12-calendar-month period (offer expires December 31, 2024).

See more savings account bonuses »

Leading Checking & Savings Combo Account Bonus

SoFi Checking and Savings

Earn up to $300 with qualifying direct deposit for eligible customers (offer expires 12/31/24). Earn up to 4.60% APY on savings balances (including Vaults) with direct deposit.

See more bank account bonuses »

About High-Yield Accounts

High-yield savings accounts aren’t the only accounts paying favorable rates right now. You’ll typically see the highest rates at online or lower-profile institutions rather than national brands with a significant brick-and-mortar presence. This is normal; online banks have lower overhead costs and are willing to pay high rates to attract new customers.

High-Yield Savings Accounts

The best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. Savings accounts are held at a bank or credit union — not invested through a brokerage account — and are best for saving cash in pursuit of shorter-term goals, like a vacation or big purchase. 

High-Yield Checking Accounts

The best high-yield checking accounts tend to pay slightly lower rates than high-yield savings, but even they are strong in today’s rate environment. A checking account is like a hub for your money: If your paycheck is direct deposited, it’s typically to a checking account. If you transfer money to pay a bill, you typically do it from a checking account. Checking accounts are used for everyday spending and usually come with checks and/or debit cards to make that easy.

Money Market Accounts

The best money market accounts could be considered a middle ground between checking and savings: They are used for saving money but typically provide easy access to your account through checks or a debit card. They usually offer a tiered interest rate depending on your balance.

Cash Management Accounts

A cash management account is also like a savings/checking hybrid. You’ll generally see them offered by online banks, and, unlike a checking account, they usually offer unlimited transfers. A savings account often limits the number of monthly transfers, while a checking account doesn’t. Cash management accounts typically come with a debit card for easy access, but you may have to pay a fee if you want to deposit cash.

Certificates of Deposit

The best CD rates may outpace any of the other accounts we’ve described above. That’s because a certificate of deposit requires you to “lock in” your money for a predetermined amount of time ranging from three months to five years. To retrieve it before then, you’ll pay a penalty (unless you opt for one of the best no-penalty CDs). The longer you’ll let the bank hold your money, the higher rate you’ll get. CD rates aren’t variable; the rate you get upon depositing your money is the rate you’ll get for the length of your term.

About CD Terms

Locking your money into an account in exchange for a higher interest rate can be a big decision. Here’s what you need to know about common CD terms.

No-Penalty CDs

Most CDs charge you a fee if you need to withdraw money from your account before the term ends. But with a no-penalty CD, you won’t have to pay an early withdrawal penalty. The best no-penalty CDs will offer rates slightly higher than the best high-yield savings accounts, and can offer a substantially improved interest rate over traditional brick-and-mortar savings accounts.

6-Month CDs

The best 6-month CDs are offering interest rates in the mid-5% range. Six-month CDs are best for those who are looking for elevated rates on their savings for short-term gains, but are uncomfortable having limited access to their cash in the long term. These can be a good option for those who may just be getting started with saving, or who don’t have a large emergency fund for unexpected expenses.

1-Year CDs

The best 1-year CDs tend to offer some of the top CD rates, and are a popular option for many investors. A 1-year term can be an attractive option for someone building a CD ladder, or for someone who has a reasonable cash safety net but is still concerned about long-term expenses. 

2-Year CDs

The best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates. In exchange for a longer lock-in period, investors receive a long-term commitment for a specific rate. These are best used as part of a CD ladder strategy, or for those worried about a declining rate market in the foreseeable future.

3-Year CDs

The best 3-year CDs tend to have rates that are comparable to 2-year CDs. These are usually less popular for your average investor, but can be an important lever when diversifying investments and hedging against the risk of unfavorable rate markets in the long term.

5-Year CDs

The best 5-year CDs will offer lower rates than the other terms on our list, but are still popular options for investors. These CDs are best for those looking to lock in high rates for the long term. CDs are generally viewed as safe investment vehicles, and securing a favorable rate can yield considerable earnings in year three and beyond — even if rates fall elsewhere.

Соединенное Королевство и Франция обе оказались на политических качелях — но при этом качаются в противофазе. Через три дня после того, как британцы избрали прагматичное центристское правительство с огромным большинством голосов, Франция ударилась в противоположную крайность. Воскресные выборы в законодательные органы привели к “подвешенному” парламенту, при этом силу набирают как крайне правые, так и крайне левые.

В Лондоне период политического хаоса, начавшийся еще в 2016 году с сакраментального голосования по Брекситу, наконец-то может завершиться. В Париже, наоборот, только начинается.

Даже облегчение оттого, что крайне правое “Национальное объединение” выступило во втором туре хуже, чем ожидалось, не может скрыть тот факт, что позиции центристов во французской политике тают, а с ними и авторитет президента Эммануэля Макрона. Какой контраст между спокойствием в Лондоне в ночь выборов на прошлой неделе и горячечной атмосферой, охватившей Париж в воскресенье вечером!

Увы, политические циклы Франции и Великобритании напрочь рассинхронизированы. Вопреки давнему инстинкту соперничества обеим странам имеет смысл быть заодно и сотрудничать. Это соседи и союзные демократии с сопоставимым населением. Обе сохраняют некоторые символы великой державы, — например, ядерное оружие и постоянное членство в Совете безопасности ООН, — но не имеют экономической мощи, чтобы этот статус поддержать.

И Франция, и Великобритания пытались сыграть ведущую роль в международных усилиях по борьбе с переменой климата. Обе страны крайне серьезно относятся к угрозе со стороны путинской России и решительно поддерживают Украину. В последние десятилетия Франция и Великобритания также были ведущими военными державами Европы, хотя со временем и перевооружением Германии это может измениться.

Но реальное влияние Великобритании на будущее Европы было ограничено Брекситом, который вычеркнул Лондон из ключевых политических структур Европы и оставил после себя атмосферу недоверия и системного разлада. Воспользовавшись отсутствием британцев, Макрон решил изложить свою амбициозную программу будущего ЕС. Но претензии французского лидера на интеллектуальное лидерство в Европе теперь наверняка испарятся вместе с его внутриполитическим мандатом.

И все же международные проблемы, с которыми Великобритания, Франция и Европа уже столкнулись, в следующем году наверняка лишь усугубятся. Конфликт на Украине зашел в тупик, и тревога из-за перспективы прорыва, который совершит Россия, растет. Второе президентство Трампа создаст явные риски для альянса НАТО и международной торговой системы. Это, в свою очередь, поставит под угрозу само процветание и безопасность Европы.

Теоретически, ответ на эти общие угрозы для Франции и Великобритании напрашивается сам собой: это более тесное сотрудничество и стремление к обширному европейскому альянсу, чтобы ослабить уязвимость континента перед окружающим миром, все более опасным.

В действительности же недавние изменения в политике как Пятой республики, так и Соединенного Королевства значительно осложнят такое сотрудничество. Если во внешней политике Франции отразятся приоритеты политических радикалов, это приведет к очевидному противоречию со взглядами нового правительства Стармера в Великобритании. И крайне левые, и крайне правые в Париже гораздо больше симпатизируют путинской России, чем сам Макрон или Стармер.

“Зеленый” интернационализм Стармера более созвучен текущей политике правящей коалиции Германии, которую возглавляет социал-демократ Олаф Шольц. И действительно: уже на второй день своего пребывания в должности новый министр иностранных дел Великобритании Дэвид Лэмми отправился в Берлин, где его приняли с теплотой, к которой скорее привык его французский коллега.

У Стармера и Лэмми мощные проевропейские инстинкты, хотя им и приходится считаться с тем, что Великобритания перестала быть членом ЕС — и лейбористское правительство поклялось этого не менять. Вместо этого их цель заключается в том, чтобы договориться о новом пакте о безопасности с ЕС, но при этом трактовать “безопасность” максимально обобщенно — чтобы в нее вошел целый спектр тем, таких как энергетика, климат и ключевые полезные ископаемые. Это, в свою очередь, станет тем рычагом, который откроет дверь к более обширному сотрудничеству с ЕС по всем направлениям, не затрагивая щекотливых — при всей их важности — вопросов членства Великобритании в едином рынке ЕС или Таможенном союзе.

Идеи лейбористов о более тесном сотрудничестве между ЕС и Великобританией встретили радушный прием в ходе поездок Лэмми в Германию, Польшу и Швецию. Но реакция Франции на предложение Лейбористской партии о новом пакте безопасности остается решающей. В ходе затяжных переговоров по Брекситу французское правительство решительно пресекло попытки Великобритании выбрать “самые привлекательные моменты членства в ЕС”, отвергнув при этом сопутствующие обязательства.

Увы, Франция вот-вот замкнется в себе, и может пройти много месяцев, прежде чем у нее появится правительство, способное дать последовательный ответ на европейские вопросы. И это будет проблемой не только для Великобритании, но и для всего ЕС.

Результаты выборов во Франции также стали интригующим сигналом о грядущих президентских выборах в США: не верьте опросам общественного мнения. Все авторитетные прогнозы сулили, что крупнейшим блоком во французском парламенте станут крайне правые. Однако “Национальное объединение” Марин Ле Пен удовольствовалось лишь третьим местом. Может быть, последовательный, хотя и шаткий перевес Дональда Трампа тоже не такой уж и надежный, как может показаться?

Автор: Гидеон Рахман (Gideon Rachman)

Комментарии читателей FT:

Sir Artur Streeb Greebling

Похоже, французы создают новые политические альянсы еще чаще, чем Борис [Джонсон] закатывал вечеринки в карантин!

Kiwireader

Солнце окончательно зашло над Французской и Британской империями, и их гражданам еще предстоит смириться с ухудшившимся положением.

Longjohns

С Британией наверняка покончено. Она выбрала независимость, когда ей нужно больше партнерства, а никак не меньше. И мигом утратила роль ключевого финансового центра ЕС и скукожилась. Более того, без ЕС Лондон не сможет идти нога в ногу с Нью-Йорком.

Reagan

Ле Пен 37,3%

Левые 26,9%

Макрон 22,3%

Что ж, Ле Пен действительно получила наибольшую долю голосов. Вот только лейбористы с их 33,9% правят Великобританией, а Ле Пен с 37,3% Францией почему-то не правит.

Riskstrategies

Рахман твердит азбучные истины, но простая реальность такова, что Великобритания теперь стала европейской периферией. Будущее Франции отныне тесно переплетено с континентальной Европой, а Великобритания становится все менее важной как Франции, так и для континентальной Европы вообще.

Почему нас должна беспокоить эта смена ролей, остается загадкой. Мне мерещится в этом тень злорадства…

NeoReactionary

“Национальное объединение” действительно набрало больше всех голосов. Они получили 37%, а две другие партии — примерно по 25%. Но из-за хитростей французской избирательной системы они почему-то оказались на третьем месте. Но если вы почитаете западные СМИ, то выходит, что “Народный фронт” загреб чуть ли не все 100% голосов.

Last orders

Ле Пен и Меланшон, кажется, согласны по большинству вопросов, за исключением разве что миграции. Вот пусть и договорятся по экономическим вопросам, а миграцию предоставят Макрону. Готово, не благодарите!

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