Today’s playbook was fairly straightforward with bonds being likely to move in the direction suggested by the jobs report. The only challenge would have been the presence of mixed messages (i.e. a big beat in the job count paired with a big miss in the unemployment rate). While there was indeed a beat in the job count, it wasn’t big. It was also offset by much larger negative revisions. Unemployment ticked slightly higher. Wages hit their forecast of 0.3 vs 0.4 previously. All told, it suggests more of normalizing labor market with a hint of softening as opposed to a surprisingly resilient labor market indicated by last month’s jobs report. Bonds like it and have now erased all of the losses seen since last week’s presidential debate.
As a reminder, while there was a lot of attention on the presidential debate as scapegoat for last Friday’s bond sell-off, we were bigger fans of the month-end positioning explanation.
Mortgage interest rates moved in different directions compared to last week, according to rate data compiled by Bankrate. See below for a detailed breakdown of how different loan types moved.
Inflation has cooled somewhat, but homebuyers are still feeling limited by high prices and rates. At the close of the Fed meeting on June 12, policymakers chose to hold rates at current levels.. The next Fed meeting concludes July 31.
“With [the June 12] announcement, the Fed confirms its higher-for-longer position on interest rates,” says Dr. Selma Hepp, chief economist at CoreLogic. “But the stance is looking more untenable as more American households continue to pull back on spending. As more economic indicators begin to confirm this and unemployment begins to rise, the Fed will then look to cut rates. What’s not clear yet is when exactly the disinflation signs will be consistent enough for the first rate cut — we hope it’s still this year.”
Often, though, the decision to buy a home isn’t based on what’s happening in the economy — it’s more personal. Depending on your situation, it might make sense to take a higher rate now and refinance later. This way you can start building equity, rather than hoping for a future of more favorable rates and home prices that might not materialize.
Rates accurate as of July 9, 2024.
The rates listed here are marketplace averages based on the assumptions shown here. Actual rates listed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Tuesday, July 9th, 2024 at 7:30 a.m. ET.
Current 30 year mortgage rate flat for the week
The average rate you’ll pay for a 30-year fixed mortgage today is 7.07 percent, unchanged over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was higher, at 7.09 percent.
At the current average rate, you’ll pay principal and interest of $670.01 for every $100,000 you borrow.
Use the loan widgets on this page or head to our primary rates page to see what kind of rates are available in your situation. You just need to give us a little information about your finances and where you live. With that data, Bankrate can show you real-time estimates of mortgages available to you from a number of providers.
15-year fixed mortgage rate moves lower, -0.03%
The average 15-year fixed-mortgage rate is 6.56 percent, down 3 basis points over the last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $874 per $100,000 borrowed. That’s clearly much higher than the monthly payment would be on a 30-year mortgage at that rate, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much faster.
5/1 ARM moves upward, +0.03%
The average rate on a 5/1 adjustable rate mortgage is 6.68 percent, rising 3 basis points over the last week.
Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating interest rate. To put it another way, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These types of loans are best for people who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.
While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.
Monthly payments on a 5/1 ARM at 6.68 percent would cost about $644 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.
Jumbo loan interest rate moves up, +0.08%
The average rate for a jumbo mortgage is 7.23 percent, up 8 basis points since the same time last week. A month ago, the average rate on a jumbo mortgage was lower at 7.16 percent.
At today’s average rate, you’ll pay principal and interest of $680.82 for every $100,000 you borrow. That’s $5.41 higher compared with last week.
Refinance rates
30-year fixed-rate refinance eases, -0.03%
The average 30-year fixed-refinance rate is 7.03 percent, down 3 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher at 7.12 percent.
At the current average rate, you’ll pay $667.32 per month in principal and interest for every $100,000 you borrow. That’s down $2.02 from what it would have been last week.
Where are mortgage rates going?
The rates on 30-year mortgages mostly reflect the 10-year Treasury yield, which changes with the market. The yield curve is a tool used by investors to predict where interest rates could be headed.
“The yield curve remains inverted — no surprise here,” says Ken Johnson of Florida Atlantic University. “Until the yield curve reverts to its normal upward slope, we will not see significant downward pressure on mortgage rates.”
Besides bond yields, the Federal Reserve’s key benchmark rate also has an impact. The Fed has held this rate at a 23-year high since July 2023.
If and when the Fed cuts interest rates depends on evolving economic data, such as inflation and the jobs market. While inflation has fallen since its peak in 2022, it’s still well above the Fed’s target rate of 2 percent. Unemployment is still low, though in May it hit 4 percent for the first time since 2022.
“Much like that flight where departure keeps getting delayed 15 minutes at a time with no end in sight, the timetable for when the Fed begins to cut rates is equally uncertain,” says Greg McBride, CFA, Bankrate’s chief financial analyst.
While the Fed bases its decisions on rate changes due to broader economic factors, your rate is also affected by personal finances. Depending on your credit score, down payment, debts and income, you could be quoted a rate that’s higher or lower than the trend.
What today’s rates mean for you and your mortgage
Mortgage rates fluctuate daily, but it appears that, for now, they will remain above the historical lows of recent years. If you’re shopping for a mortgage, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at current market rates.
You could save serious money on interest by getting at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.
“All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”
More on current mortgage rates
Methodology
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
The Community Home Lenders of America (CHLA) on Monday submitted a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, urging the agency to more forcefully go after trigger lead solicitations. To cement the point, CHLA is calling such solicitations “junk calls,” echoing the language of the campaign the Bureau has waged against “junk fees.”
The letter cites three specific practices that it hopes the Bureau will focus on, which it and its members believe “are abusive, anti-consumer, and potentially illegal.” The first is a concern that mortgage brokers are making trigger lead solicitations, which is troubling to the organization since they “do not have the mortgage banking capability of closing a loan.”
Since there is a legal requirement saying that trigger lead solicitations must be a “firm offer of credit,” CHLA said, it does not “see how it is possible for a mortgage broker to meet the ‘firm offer of credit’ requirement in such situations.”
Secondly, CHLA says that its members have been made aware of “junk call trigger lead solicitations that either misrepresent or falsely imply that they are calling on behalf of the existing mortgage lender that the borrower is currently working with,” the letter said. “This is unethical, anti-consumer, and potentially illegal.”
Finally, members believe that in some cases, individual loan officers are making trigger lead calls without the consent of the company they work for, which is “problematic,” the letter said.
That’s because the employing lender “is not able to properly supervise language and practices used by such loan originators,” CHLA said.
In terms of what it would like to see, CHLA says it hopes the CFPB will encourage consumer reporting of trigger lead solicitations.
“CHLA requests that the CFPB: encourage consumers to submit complaints regarding abusive trigger lead solicitations, clearly identifying what practices are not permissible,” to identify “mortgage brokers or lenders that frequently engage in impermissible actions,” and to take “such actions against brokers or lenders as are appropriate to stop such practices.”
Earlier this year, a bipartisan duo of members in the U.S. House of Representatives introduced a bill targeting the “abusive” uses of mortgage trigger leads, a companion bill to a previously-introduced bill in the U.S. Senate. It was referred to the House Committee on Financial Services but has not progressed any further as of July.
Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit announced the organization’s support of the measure in concert with the previously introduced Senate version.
Holland America Line’s current fleet includes 11 ships, which are mostly midsize. They visit all seven continents, with stops in the Caribbean, Tahiti, the Mediterranean, Antarctica and more. Its Alaska presence is especially strong, and Holland America claims it has visited Glacier Bay National Park more than any other cruise operator.
Holland America’s parent company is Carnival Cruise Line, which acquired Holland America in 1989. But while Carnival touts offerings like the “first roller coaster at sea” on its flagship brand, Holland America is for folks with — let’s call it — more refined tastes.
Here’s your guide to Holland America, including amenities, costs and how you might save money on your next sailing.
Is a Holland America cruise right for you?
Here are some types of people best suited for Holland America:
Travelers ready for relaxation rather than partying
Though open to travelers of any age (infants must be at least six months old to embark on most cruises), Holland America caters to the mature set.
Unlike Disney Cruises or Royal Caribbean ships, which are laden with waterslides, flashy designs and high-energy shows, Holland America is more subdued. Its most lively entertainment includes a casino, trivia nights and live music. Children or adult travelers seeking maximum stimulation might be less enthused.
But relaxed cruisers seeking peace might find it here.
Cruisers who prefer a ship that’s not too big yet not too small
Every Holland America ship has a gym, portrait studio, sports courts, a spa, salon and multiple pools. On a short three-night cruise, you could eat three meals a day at a different restaurant and never hit them all. The largest ship has 10 restaurants, not including snack spots like the café and gelato shop.
Still, Holland America ships are relatively small. While Royal Caribbean’s behemoth Icon of the Seas ship has more than two dozen restaurants and a capacity for 5,610 guests, Holland America’s largest ship, Rotterdam, accommodates 2,668 guests.
Holland America destinations
Holland America covers almost 100 countries or territories and more than 470 ports, including stops in the Amazon and Antarctica.
For its 2025-26 cruise season, Holland America will operate in 11 countries in Asia alone. The primary focus is Japan, where it will dock in 24 ports around the country.
Mexico and Panama Canal cruises are also big. The 2025-26 cruise season adds a new stop at the port of Acajutla, El Salvador, on most Panama sailings. Meanwhile, two ships will offer Mexico itineraries with stops including Cabo San Lucas and Puerto Vallarta.
The 2025-26 season brings an iconic Pacific Northwest itinerary that hasn’t been offered in decades. Dubbed the “Great Bear Rainforest,” the seven-day itinerary departs from Seattle and includes stops in Ketchikan, Alaska. Expect to see whales, eagles and potentially bears.
Holland America ships
Here’s a breakdown of all 11 Holland America ships, sorted by largest to smallest guest capacity:
Staterooms
The smallest, two-guest rooms are about 143 square feet, though suites are easily double that. The smallest suite, the Vista Suite, ranges from 260-356 square feet. For maximum space (and service), book the Pinnacle Suite, which fills roughly 1,290 square feet. High-end suites include frills like whirlpool bathtubs, vanities, dressing rooms, decks and floor-to-ceiling windows.
Holland America also caters to solo travelers by offering single-person staterooms that are as small as 127 square feet.
Whether you choose a lavish suite or an inside stateroom, expect fairly upscale accommodations.
Holland America food
Larger ships have a dozen or more eateries. Some restaurants operate on every ship, such as Canaletto (a casual Italian restaurant) and Lido Market (which serves meals in an all-you-can-eat, cafeteria-style setting).
All you can eat
Most casual restaurants are complimentary and all-you-can-eat, included in your cruise fare.
While most restaurants cost extra, the exception is The Dining Room. Its multicourse dinners feature rotating, elevated menu items (such as lamb loin). As part of a partnership with Masaharu Morimoto, The Dining Room serves dishes similar to those in Morimoto’s restaurants.
No matter your cabin class, 24-hour room service is complimentary, delivering items such as salads and sandwiches.
With beverages, the free stuff is generally limited to the basics like water, tea and coffee. Sodas, specialty coffees, mocktails and alcohol cost extra.
What food costs extra?
Aside from The Dining Room, waiter-service restaurants cost extra. Some operate an à la carte model, such as Nami Sushi. There, entrees cost about $15, while sushi rolls run about $5 each.
Others charge fixed prices. For example, dinner at Pinnacle Grill, a steakhouse, costs an additional $46 per person. Certain items also have an additional charge (caviar costs an extra $50).
Though the additional charges might be annoying, they can be considered a deal relative to dining at a steakhouse on land.
In addition to fancy restaurants, some casual dining options (including the cafés and gelato shop) incur an extra fee.
🤓Nerdy Tip
For free ice cream, head to Lido Market, where you can DIY dessert at the ice cream station.
Holland America drink packages
For beverages beyond the basics, buy them individually or through a drink package.
The soda-only package entails unlimited fountain drinks for $8 per person, per day.
The Quench package costs $17.95 per person, per day and includes sodas, premium coffee (like lattes), juice, mocktails and bottled water. It’s technically not unlimited, but there’s plenty to go around with a 15-drink daily limit.
For packages with alcohol, you’ll owe at least $55 per person, per day (premium spirits cost more). Again, there’s a 15-drink daily cap.
Is the food any good?
Food quality varies. Lido Market is your run-of-the-mill buffet but other restaurants are generally excellent (just note the surcharge).
For example, dinner at Canaletto costs $25 extra per person and includes pasta and gelato — both made fresh on board.
Holland America also has some food options from famous chefs. The first Morimoto By Sea opened aboard the Nieuw Amsterdam, bringing the award-winning restaurant chain to sea.
Holland America activities
Holland America activities are pretty tame, such as live music and wine tasting.
Every ship features World Stage, a theater hosting entertainment like expert lecturer talks and dance performances. Ships also have at least one lounge or club, such as Rolling Stone Rock Room or B.B. King’s Blues Club.
Every ship has a casino, spa, fitness center and outdoor sport courts, including pickleball courts. After all, Holland America is the exclusive cruise line partner of the Professional Pickleball Association.
Holland America Kids Club
Most cruises offer a kids club with crafts, video games and scavenger hunts.
Kid-friendly offerings are extremely limited (especially compared with competitors like Royal Caribbean and Disney Cruise Line) so don’t expect many kids onboard. Many cruisers consider the lack of kids one of Holland America’s best features.
Which Holland America ship is best?
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Because amenities are so similar on every ship, it’s hard to pick one best ship. But here are some factors to consider:
If you want the most options: Rotterdam is the largest (and has the most restaurants).
If you want the newest ship: The Rotterdam is also the newest ship, which first set sail in 2021. Newer ships often (though not always) mean better layouts and up-to-date fixtures.
If you prioritize smaller ships: Volendam and Zaandam are the smallest.
If you want to live on a ship: Two ships, Volendam and Zuiderdam, carry out the Grand Voyages and World Cruises, which sail around the world for months. Zuiderdam is slightly larger than Volendam — offering more guest rooms and entertainment venues.
Holland America: How much does it cost?
According to a NerdWallet analysis of more than 100 Holland America cruise itineraries through 2024, the average seven-night, inside stateroom starts at $646 per person. That figure assumes double occupancy (so a couple sharing a room would owe about $1,300), but doesn’t account for extra fees, including taxes and gratuities, or optional add-ons like beverages or Wi-Fi.
Suites can easily cost double that (or far more). For example, the average Vista Suite (the lowest class of suites), averaged $1,322 per person for a seven-night trip. The fanciest of the suites, the Neptune Suite, averaged $2,766 per person.
Prices can also vary widely by region. Here were the average prices per person for seven-night journeys (assuming inside staterooms with double occupancy), broken down by major regions:
California coast: $349.
Alaska: $413.
Caribbean: $609.
Mediterranean: $909.
Northern Europe: $972.
Other costs
That’s the base fare, but anticipate other expenses, including:
Taxes, fees and port expenses: Holland America passes on fees and taxes imposed by governments or port operators. Expect a few hundred dollars added to your base rate.
Gratuity/tip: An automatic $17 ‘Crew Appreciation’ charge is added per stateroom guest, per day. For guests in suites, it’s $19. Though automatically added, you can adjust the figure upon settling your bill at checkout.
Service charge: Add-ons like beverages, speciality meals and spa services incur an 18% service charge.
Ability to choose your stateroom: For those who want to sleep closest to the best deck on a cruise ship, there’s an additional fee to select your specific stateroom, though prices vary by cruise.
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Some activities: Certain activities incur extra costs, such as spa treatments.
Shore excursions: Upon docking, you’re free to exit the ship and roam around on your own, but Holland America sells curated shore excursions, too, that easily cost more than $100 per person. Prices vary by excursion. In Maui, you can tour a pineapple plantation for $190, while a behind-the-scenes tour of the Maui Ocean Center costs $560. Although you can book excursions through third parties, beware. Benefits of booking through Holland America include early departure and a guaranteed return.
Wi-Fi: Wi-Fi starts at roughly $22 per day depending on cruise length. More robust Wi-Fi (such as streaming capabilities) costs more than $30 per day.
Specialty dining and drinks: Specialty restaurants — as well as most beverages beyond basics such as coffee, tea and water — cost extra.
Is the Have It All premium cruise package worth it?
For the latter three items — shore excursions, Wi-Fi, speciality dining and drinks — the Have It All premium cruise package may be worth it.
Packages vary depending on the cruise length. Here’s what’s included:
NerdWallet analyzed dozens of Holland America cruise fares. On average, here’s how much money you would save, depending on the cruise length:
In every data point in NerdWallet’s analysis, the Have It All package ended up cheaper than buying all of those things a la carte. But consider what you really need. If you only drink one alcoholic beverage per day, the $55 beverage package probably isn’t worth it.
How to save on a Holland America cruise
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Cruise last-minute: The Last Minute Cruise Deals page lists discounted sailings within the next 60-90 days. However, don’t overlook other costs such as potentially-expensive, last-minute airfare.
Scout out promotions: Holland America’s general deals page is the spot for Black Friday cruise deals or other seasonal promotions.
Refer a friend: Holland America regularly runs a referral program where you might get a cruise credit if your friend enters your name in the referral form.
Become an AARP member: AARP members can earn up to $200 in stateroom credits. Actual amounts depend on room type and cruise length. Considering AARP membership costs $16 annually (and potentially less if you commit to more than one year), joining pays for itself based on the cruise credit alone.
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Should you purchase travel insurance for a Holland America cruise?
Holland America sells a cancellation protection plan, which allows you to cancel your cruise for any reason. It’s called the Holland America Line Cancellation Protection Plan (CPP). Unlike traditional insurance plans that require proof (e.g., a doctor’s note confirming illness) or have tons of fine print around reasons the insurer doesn’t have to pay out, CPP is convenient because it lets you cancel for truly any reason.
Plans start at $79, but can run higher depending on coverage and trip length.
The cheapest plan, Standard, requires you cancel at least 24 hours before departure. The Platinum Plan lets you cancel any time up to departure. Neither gets you a full refund though. The Standard Plan refunds up to 80% of your total cost, and Platinum refunds up to 90%.
The Platinum Plan also covers potential costs such as emergency medical and dental care, coverage for lost or delayed bags and trip delay insurance.
Is the Holland America credit card worth it?
The Holland America Line Rewards Visa® Card has a $0 annual fee, so it’s hard to knock it. It earns 2 points per $1 spent on Holland America purchases and 1 point per $1 spent everywhere else. There are also no foreign transaction fees.
Top travel cards
Chase Sapphire Reserve®
on Chase’s website
U.S. Bank Altitude™ Reserve Visa Infinite® Card
Bank of America® Premium Rewards® credit card
on Bank of America’s website
Citi Strata Premier℠ Card
Annual fee
Rewards earn rate
• 10 points per $1 on Chase Dining, hotel stays and car rentals purchased through Chase.
• 5 points per $1 on air travel purchased through Chase.
• 3 points per $1 on other travel and dining not booked with Chase.
• 1 point per $1 on other purchases.
• 5 points per $1 on prepaid hotels and car rentals booked directly in the Altitude Rewards Center.
• 3 points per $1 on eligible travel purchases and mobile wallet spending on Apple Pay, Google Pay and Samsung Pay.
• 1 point per $1 on all other purchases.
• 1.5 points per $1 spent.
• 10 ThankYou® points per $1 spent on hotels, car rentals and attractions booked through the Citi Travel site.
• 3 points per $1 on air travel and other hotel purchases.
• 3 points per $1 on supermarkets.
• 3 points per $1 on gas stations and EV charging stations.
• 3 points per $1 on restaurants.
• 1 point per $1 on all other purchases.
Travel credit benefit
$325 annual credit.
$100 in airline incidental statement credits.
This card does not offer a travel credit benefit.
Still not sure?
Is cruising with Holland America worth it?
Holland America offers a traditional and elegant cruise experience. The emphasis on high-quality dining makes it good for foodies — just note that the best restaurants cost extra. Crowds are mature, which is a pro or a con depending on the level of entertainment, nightlife and energy you seek.
Families or people seeking high stimulation and constant entertainment should skip it. Additionally, budget travelers might find the additional charges aggravating (though additional charges are common across pretty much any cruise line).
In short, cruisers who value sophisticated service, delicious food, and exploration may love Holland America.
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The current average interest rate for a fixed-rate, 30-year conforming mortgage loan in the United States is 6.960%, according to the most recent data available from mortgage technology and data company Optimal Blue. Read on to see average rates for different types of mortgages and how the current rates compare with the last reported day prior.
Type of Mortgage
Current Rate
Rate Last Reported
30-year conforming
6.960%
6.992%
30-year jumbo
7.160%
7.269%
30-year FHA
6.737%
6.743%
30-year VA
6.500%
6.532%
30-year USDA
6.795%
6.696%
15-year conforming
6.431%
6.553%
30-year conforming
6.960%
6.992%
30-year jumbo
7.160%
7.269%
30-year FHA
6.737%
6.743%
30-year VA
6.500%
6.532%
30-year USDA
6.795%
6.696%
15-year conforming
6.431%
6.553%
30-year mortgage rates
30-year conforming
The average interest rate, per the most current data available as of this writing, is 6.960%. That’s down from 6.992% the last reported day prior.
30-year jumbo
What exactly is a “jumbo mortgage” or “jumbo loan”? Simply put, it exceeds the maximum amount for a normal (conforming) mortgage. Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency set this maximum.
The average jumbo mortgage rate, per the most current data available as of this writing, is 7.160%. That’s down from 7.269% the last reported day prior.
30-year FHA
The Federal Housing Administration provides mortgage insurance to certain lenders, and the lenders in turn can offer the consumer a better deal on aspects such as being able to qualify for a mortgage, potentially making a smaller down payment, and possibly getting a lower rate.
The average FHA mortgage rate, per the most current data available as of this writing, is 6.737%. That’s down from 6.743% the last reported day prior.
30-year VA
A VA home loan is offered by a private lender, but the Department of Veterans Affairs guarantees part of it (reducing risk for the lender). They are accessible if you’re a U.S. military servicemember, a veteran, or an eligible surviving spouse. Such loans may sometimes allow the purchase of a house with no down payment at all.
The average VA home loan rate, per the most current data available as of this writing, is 6.500%. That’s down from 6.532% the last reported day prior.
30-year USDA
The U.S. Department of Agriculture operates programs to help low-income applicants achieve homeownership. Such loans can help U.S. citizens and eligible noncitizens purchase a home with no down payment. Note that there are stringent requirements to be able to qualify for a USDA home loan, such as income limits and the home being in an eligible rural area.
The average USDA home loan rate, per the most current data available as of this writing, is 6.795%. That’s up from 6.696% the last reported day prior.
15-year mortgage rates
A 15-year mortgage will typically mean higher monthly payments but less interest paid over the life of the loan. The average rate for a 15-year conforming mortgage, per the most current data available as of this writing, is 6.431%. That’s down from 6.553% the last reported day prior.
Why do mortgage rates fluctuate?
While your personal credit score largely determines the mortgage rate you receive, several external factors also play a role. Important considerations include:
Actions by the Federal Reserve: When the Federal Reserve raises or lowers the federal funds rate, lenders typically adjust their interest rates in response. This strategy helps the Fed control the money supply and influence borrowing costs for both consumers and businesses.
Inflation levels: Although related, inflation and the Fed’s actions are distinct factors. The Fed raises or lowers rates to control inflation, but lenders may also adjust rates independently to protect their profits when inflation is high.
General economic conditions: Lenders consider factors like economic growth and housing supply and demand when setting mortgage rates. These are just a couple of the many puzzle pieces that can influence mortgage rate changes.
Learn more: How are mortgage interest rates set by lenders?
Choosing the right mortgage for you
There is no one-size-fits-all mortgage. While most mortgages are conventional, government-backed loans (FHA, VA and USDA home loans) can be a more affordable option if you qualify.
Here are a couple other terms you may encounter in your mortgage research:
Jumbo mortgages: These aptly named jumbo loans are ideal for purchasing homes that exceed the limits of conforming mortgages, although they may be more expensive in terms of interest paid over the long run.
Adjustable-rate mortgages (ARMs): ARMs typically offer low initial rates that can increase over time. Consider this option carefully.
The rate data provided in this article reflect averages for fixed-rate mortgages.
If you’re uncomfortable comparison shopping for rates on your own, a mortgage broker can assist you (for a fee) in finding the best mortgage offer for your situation.
How high have mortgage rates been in the past?
While mortgage rates may feel sky-high these days compared to the sub-3% rates some homebuyers scored in 2020 and 2021, what we’re seeing currently isn’t that strange when compared with historical data on mortgage rate averages. Below are a couple charts from the Federal Reserve Economic Data (FRED for short) online database for context.
30-year fixed-rate mortgage historical trends
If you think rates between 6% and 8% today are scary, consider September through November of 1981, which saw the average rate hovering between 18% and 19%, according to FRED.
Check out the FRED 30-year mortgage rate chart:
15-year fixed-rate mortgage historical trends
Rates today on 15-year mortgages, as shown in the Optimal Blue data above, are roughly on par or even slightly lower than what we see during many previous periods. For example, take a look at FRED data for the end of 1994 and beginning of 1995, when rates neared 9%.
See the FRED 15-year mortgage rate chart:
Frequently asked questions
What’s a good mortgage rate in 2024?
With current market conditions, applicants with excellent credit can expect rates between 6% and 8%. Those with lower credit scores, particularly in the low 600s, might see rates above 8%.
Keep in mind that credit score is just one factor affecting your mortgage rate. Other factors include your down payment, location, and loan term.
Learn more: Easy ways to check your credit score.
How does a mortgage rate lock work?
Due to potential daily fluctuations in mortgage rates, a mortgage rate lock (or lock-in) can help secure a favorable rate. These locks usually last 30, 45, or 60 days and can be extended if necessary.
However, rate locks have potential downsides. If rates decrease, you won’t benefit from the lower rates, and extending a lock can be costly if the initial period isn’t long enough.
Additionally, a rate lock doesn’t guarantee your rate won’t change. Factors like changes in your credit score or unexpected appraisal values can still affect your mortgage rate.
Why are interest rate and APR different?
The interest rate is the cost of borrowing, while the APR (annual percentage rate) includes any additional fees, making it higher. Although these terms are distinct for mortgages, they are often used interchangeably for credit card rates.
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An Arty Catch-All
Mela Artisans Scalloped Bowl
Why not turn your fruit bowl into a tabletop accessory? This hand-carved wooden bowl offers a stunning natural shape.
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A Vintage-Inspired Rug
Loloi Accent Rug
Now 57% Off
Try a low-pile rug in a high-traffic area to minimize wear and tear. This gorgeous Persian style is a great option.
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A Cushy Couch
WILLIAMSPACE Curved Sofa
This oversized boucle couch will undoubtedly be the star of your living room—not only for its eye-catching silhouette but also its cozy, deep cushions.
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A Chrome Coffee Maker
Alessi 9090 Espresso Maker
Bring a bit of design history to your morning routine with this deluxe coffee pot, which was featured in the MOMA upon its creation in 1978.
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A Charming Vessel
Creative Co-Op Terracotta Urn
Now 24% Off
For a rustic touch, skip bright florals in favor of some pampas grass and dried eucalyptus. This whitewashed pot is wide enough to hold a large arrangement.
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A Gilded Accent
Kate and Laurel Arendahl Arch Mirror
Now 35% Off
Enhance your entryway—or at the very least, your outfit selfies—with an ornate mirror that looks like an antique treasure.
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A Sink Set
Aesop Resurrection Aromatique Duo
When it comes to little luxuries, upgrading your hand wash is one of the easiest ways to make the everyday feel special. We love this nourishing, citrusy duo from Aesop, which comes with both hand soap and hand balm.
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A Soft Throw Blanket
State Cashmere Reversible Blanket
No matter which way you use it, this reversible cashmere throw is oh-so chic and soft.
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A Multifunctional Stool
LETESA Velvet Ottoman
Available in 16 colors and shapes, this soft ottoman is the ultimate versatile find. Not only is it a striking piece of decor, but it also doubles as extra seating when needed.
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Striped Serving Board
Bloomingville Marble Board
Take your charcuterie spread to the next level with this striped marble board. Even when empty, it’ll look great atop your kitchen counter or coffee table.
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Earthy Linens
Eight Owls Linen Napkins
Forego the tablecloth at your next soiree: Olive-colored linen napkins offer a pared-back alternative with a Mediterranean-inspired edge.
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Modular Seating
Jennifer Taylor Home Marcel Bubble Arm Chair
Now 26% Off
No space for a sprawling sectional? Make do with a set of oversized arm chairs that are just as plush.
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A Sculptural Side Table
Christopher Knight Home Jerod Accent Table
A geometric statement piece with a twist, this end table has a wood-painted finish but is actually made of concrete for extra durability.
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A Brassy Centerpiece
Creative Co-Op Metal Candelabra
Whether used as the focal point of a lush tablescape or to add height to a mantel vignette, you can’t go wrong with an antique brass candelabra.
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Detailed Barware
NOVICA Hand-Blown Water Glasses
You’ve stocked your bar cart with high-end mezcal and endless bottles of Ghia; now, make sure your glassware is up to par with a set of hand-blown tumblers.
Elly Leavitt is a fashion and luxury commerce editor at Hearst covering fashion, design, and more across multiple brands. You can probably find her in line at Trader Joe’s. You will never find her at SoulCycle.
We’re seeing more and more reports from readers and others who had success requesting a match for the upcoming 120,000 Chase INK Preferred offer. (1, 2, 3, 4) This is an interesting ‘match’ given that the offer is not publicly live yet.
Very interesting is that readers (1, 2) got a clear date from when the match is available. As we’ve seen in the past, they are back-dating the matching offer from May 23, 2024, before the offer was available (the offer first became available on June 23 in Chase branches).
This offer is available for cards opened on May 23, 2024 or after
Basically, after getting approved for the 100k INK Preferred offer, you’ll want to Secure Message with Chase and ask them to increase your offer from 100k to 120k due the offer having been increased to 120k. They’ll reply that you should message them again after meeting the spend and they’ll make the 20,000 points adjustment. If you are planning on meeting the spend quickly, you can just wait to message them until after you already met the spend, and they should be able to immediately make the 20,000 points adjustment.
It seems safe to assume you’ll get a match if you apply with the 100k offer. Anyone is 2-player mode would want to apply using their friend’s link and get the match instead of applying directly for the 120k offer. Another option is to wait and see if/when the regular referral links will update to 120k (my guess is they will).
Altogether, 2-players will end up with 160,000 Ultimate Rewards points after $8,000 spend and a low $95 annual fee. In my opinion this is one of the best publicly-available deals we’ve ever seen.
Generative artificial intelligence holds a wealth of potential — and risk — for the mortgage industry, but despite the challenges, the developing technology is finding its place within company workflows.
Some of the greatest potential for adoption lies in marketing uses.
“Imagine if you Googled a topic, and then clicked through several links, and then summarized what you found in those links. Imagine if a machine could do that for you in 30 seconds,” said Adam O’Daniel, chief marketing officer at Guild Mortgage.
“It’s not delivering me any data that I couldn’t have probably found through Google search. It just saved me the time and in sorting through it and compiling the data.”
Across business segments, AI is demonstrating value as a tool that drives efficiency and even fuels inspiration among marketing professionals, even though widespread apprehension remains. Although mortgage and real estate companies have the same concerns around risks as others, their marketing teams and loan officers are testing the waters to varying degrees and learning to tailor AI for their specific needs.
“It’s a starting point for many, and it has been helpful if you’re, for instance, having a creative block,” said Whitney Blessington, chief marketing officer at Churchill Mortgage. “We call it like someone to brainstorm with, even though it’s not a person.”
Generative AI benefits also result from its ability to conduct quick research. “It can help you come up with good topics,” O’Daniel said.
A useful but still-developing technology opportunity Mortgage companies, more than other types of companies, appear open to exploring how artificial intelligence might help their marketing efforts.
While some forms of AI are already used in the underwriting context, especially for tasks related to data extraction and processing, concerns about enforcement of possible noncompliance leave some lenders wary about applying the technology in a customer-facing capacity. Marketing tasks, though, offer the opportunity to see how AI can improve efficiency within the appropriate guardrails.
In 2024 research released by Arizent, 64% of mortgage industry professionals said they would be open to utilizing artificial intelligence for a majority of their marketing and promotional tasks in a hypothetical scenario where regulations did not exist. Interest in the mortgage industry far exceeded the percentage of similar responses in six other financial sectors, none of which surpassed 50%.
At the same time, 55% within home lending said they would use it for most tasks associated with research and fact checking.
Its use in advertising, though, still presents some risk of bias in outreach, according to recent guidelines issued by the U.S. Department of Housing and Urban Development.
But despite the industry’s enthusiasm, the “A” in AI doesn’t stand for accuracy, and human marketing professionals will need to remain a fixture, mortgage leaders say. Even when used for research purposes, users have found themselves running into factually incorrect responses.
“You can’t count on it blindly,” Blessington said. “You still have to do your homework.”
“I think the biggest thing is, today, it really helps someone streamline their workflows,” she added, comparing it to an intern who might conduct low-level administrative work, such as writing metadata descriptions or alternative text for images.
“It helps you go from ideation to planning to actual content,” said O’Daniel. However, when generative AI “writes” any of its own content itself, it fails to perform to the standards the industry might want, he said.
“It may use terminology that is more appropriate for a bank and not an independent mortgage lender, and so you have to adjust the terminology. Some of the more finer nuances of the business — it doesn’t fully deliver.”
Current use scenarios and risks Use of artificial intelligence, particularly generative AI like ChatGPT or Microsoft Copilot, is still in its nascent stage within the mortgage industry; but with expectations of rapid expansion, it stands to change how future work can be done.
Entering AI waters may seem daunting, but the technology also offers customization that can facilitate ease of use, according to Ginger Bell, who regularly conducts seminars on artificial intelligence for real estate professionals. Bell is a co-host of the podcast AI Clubhouse and founder of housing industry video platform Edumarketing.com.
A loan officer or lender can customize their generative AI to home in on situations or guidelines it commonly addresses. “You can actually just type a scenario, and it reads the guidelines,” Bell said, while cautioning verification is still necessary.
“You can also ask it to cite exactly where it’s pulling that information from, and a lot of it is just training it to be able to ask the questions correctly, telling it what you want in terms of the response and then how you want that response to look.”
Bell commonly sees ChatGPT being used to assist in composing emails and social media posts, and some mortgage professionals also employ it to write video marketing scripts. Users can tailor a gen AI tool by feeding it their previously written transcripts, articles or other work, eventually training it to sound more like their own voice, she said.
But oversight and enhancements need to remain top of mind as well, said Jason Perkins, co-founder and president of Bonzo, a provider of communication engagement software and a mortgage customer-relationship management system.
“I look at AI-generated content as a frame of your business, not the be-all,” he said. “Personalization is what drives conversations.”
Generative AI can also quickly build marketing campaigns through a series of prompts — a set of instructions or steps to create messages with given parameters that might address a specific topic or target a borrowing segment. The prompts can also ensure that necessary disclosures and licensing information are included.
“A lot of companies need to realize this is a big compliance opportunity to make sure that your loan officers are providing their information in a compliant way,” Bell said.
However, while businesses have the capability to personalize their prompts and content via an open source generative AI platform, a number of companies are instead turning to enterprise versions that protect proprietary information and maintain compliance. Certain accounting firms go as far as requiring employees to use personalized generative AI under enterprise editions that remain closed sources, according to Bell.
“There’s a lot of folks who use what’s available to consumers on ChatGPT and other platforms like that, and certainly, it’s a great tool, but we’re trying to be very thoughtful about how to use those platforms,” O’Daniel said.
“You use a public platform — the data that I upload to the model stays with that model to fuel future learnings, which is amazing; but we might want to share information from a product guide or some other company program that we don’t want to be out of our control,” Guild’s marketing leader added.
When using a public platform “be aware as far as not putting any nonpublic information in there because it is open source,” Bell advised. In addition to potential noncompliance, it opens up businesses to cybersecurity risk.
Reliance on public artificial intelligence platforms without proper vetting of the content they produce also carries risk of potential copyright infringement, according to Perkins.
“They’re just aggregating data off of the internet,” he said. “Businesses and companies are going to put fences around their data,” meaning companies need to be aware of how loan officers and staff use AI-generated content in social posts or advertising.
Future potential and customer trust While marketing content crafted from AI has primarily appeared in written form, artificial intelligence is taking hold in other creative outlets. “Now there’s so many new technologies that are being built around this,” Bell said.
Advanced generative AI tools that alter photographs already exist, alongside emerging businesses that produce original imagery and videos based on an individual’s likeness and voice from a single recording.
However, while AI-generated imagery video represents one of the next growth phases for automation, it also brings with it a potential for misuse by fraudsters and a conundrum for businesses of all types who want to use technology to their advantage without eroding relationships with clients.
“I think there’s a number of questions around how that affects your brand,” O’Daniel said.
“It can go both ways. There are people who would appreciate more frequent informational updates from their lender and from their loan officer. So if the technology can help us deliver more frequent helpful information, that can build trust; but if the customer feels as if they’ve been misled and that this avatar is not really their loan officer, that can destroy trust. So I think we have to be very cautious.”