Mortgage Rates Today: Daily 30-Year Rate 6.47% Jul 8 2026

Mortgage Rates Today: What’s Trending

At 6.47%, mortgage rates today sit just 1 basis point above yesterday’s 6.46%. On a $400,000 loan, that puts your principal and interest payment at $2,520 — the number buyers are running against their budgets as the summer market heats up.

Mortgage rates today in context

A year ago, the 30-year fixed sat at 6.74%. That 27-basis-point drop translates to about $71 less per month on a $400,000 loan — real purchasing power recovered since mid-2025.

What to do right now

If you have a signed purchase contract and a closing within 30 days, lock now. Waiting for a 1-basis-point improvement doesn’t justify the risk of a move in the wrong direction.

Where Mortgage Rates Today Are Headed

Mortgage rates today sit at 6.47% on a 30-year fixed, up one basis point from yesterday’s 6.46%. That move is barely a rounding error, but the 30-day range tells a cleaner story: rates peaked at 6.56% and have since pulled back to 6.41% at the low. The trend is a slow, grinding easing — rates have pulled back 15 basis points from the 6.56% peak but haven’t broken sharply lower.

Catalysts for mortgage rates today

The 10-year Treasury yield is the engine behind that movement. When investors demand higher yields on Treasuries, lenders widen the spread on mortgage-backed securities to stay competitive, and your rate rises with it. Inflation expectations embedded in bond markets have softened slightly, which explains why the 30-year has retreated from its recent ceiling.

What is most likely this week

For this week, a continued drift lower is the more likely outcome, provided no inflation data surprises to the upside. If bond markets absorb supply without a yield spike, the 30-year could test 6.41% again. A hot inflation reading, by contrast, pushes the 10-year yield higher and drags mortgage rates back toward 6.56% fast.

News Moving Mortgage Rates Today

The Fed has held its benchmark rate at 3.50%–3.75% for months, and that posture is the ceiling pressing down on mortgage rates. Lenders price 30-year loans off the 10-year Treasury yield, which moves on expectations of where the Fed goes next. With core PCE at 3.4% and core CPI at 3.0%, inflation has cooled but not enough to force the Fed’s hand. Until those readings drop closer to 2%, the central bank stays put, and so do Treasury yields.

What’s moving mortgage rates today

Two releases will move rates in the near term. The Consumer Price Index report for June lands July 14, and the jobs report follows August 7. Unemployment currently sits at 4.2%, and a reading that shows hiring accelerating would push yields higher and lift mortgage rates above today’s 6.47%. A softer jobs number or a cooler CPI print would do the opposite, pulling the 10-year yield down and giving lenders room to ease. The next Fed meeting at July 29 is the longer-horizon event, but these two data points will shape what traders expect before that date arrives.

What Mortgage Rates Today Mean for Homebuyers

At 6.47%, your monthly principal and interest payment on a $400,000 loan comes to $2,520. A year ago, mortgage rates today looked different — that same loan carried a rate of 6.74%, costing $2,592 a month, which is $71 more per month, or $856 a year, than today.

Lock or float at mortgage rates today

If your closing falls within 45 days, lock your rate. Lenders can reprice overnight, and a half-point jump would push your payment meaningfully higher. If you have 60 or more days before closing, floating is defensible — but only if you pair it with a float-down option, a lender provision that lets you capture a lower rate if rates drop before closing, without losing your lock protection if they rise.

Smart shopping moves

Run your purchase-price targets at 6.47% and again at 6.72% — the gap between $2,520 and $2,586 shows exactly how much cushion you need. Shopping three lenders can shave 0.25% or more off your rate, worth thousands annually. Ask sellers for a $10,000 concession toward closing costs, or request a temporary 2-1 buydown, which cuts your rate by 2% in year one and 1% in year two, buying time for your income to grow into the payment.

Mortgage Rates Today for First-Time Homebuyers

At 6.47%, a $285,000 loan on a $300,000 purchase runs $1,796 in principal and interest each month. Add property taxes, homeowners insurance, and private mortgage insurance (PMI, which lenders require when your down payment is below 20%), and your total housing payment likely lands between $2,400 and $2,700 depending on your location and credit score. Affordability is stretched at this rate: a $100,000 salary supports roughly $337,000 in purchase price.

First-time buyers and mortgage rates today

FHA loans require just 3.5% down with a 580 credit score, making them the most accessible path for buyers without large savings. VA loans offer zero down payment for eligible veterans, and USDA loans do the same for qualifying rural properties. State housing finance agencies frequently offer rates 0.25% to 0.75% below market, often paired with down-payment grants that can cover several thousand dollars at closing.

How to compete and win

Get a fully underwritten pre-approval, not a basic pre-qualification. Pre-qualification is a lender’s rough estimate based on what you tell them; pre-approval means a human underwriter has reviewed your income documents, tax returns, and credit, making your offer far more credible in a multiple-offer situation. The right home at the right price often matters more than waiting for a perfect rate.

What Mortgage Rates Today Mean for Refinancers

Anyone who closed between 2022 and early 2024 at rates above 7% has a real opportunity with mortgage rates today sitting at 6.47%. Dropping from 7.25% to 6.47% on a $350,000 balance cuts your payment from $2,388 to $2,205, a monthly savings of $182. Over 30 years, that gap adds up to $65,621 in total interest.

Refinancing at mortgage rates today

Break-even math is straightforward. Closing costs typically run $3,000 to $6,000; at $182 per month in savings, you recover $3,000 in roughly 17 months and $6,000 in about 33 months. Shop at least three lenders aggressively, because rate quotes on the same loan can differ by 0.25% to 0.50%, which shifts your break-even by six months or more.

Cash-out versus rate-and-term

Cash-out refinancing makes sense if you are retiring credit-card debt at 20%-plus interest rates. Borrowing at 6.47% to fund a renovation that adds less value than it costs rarely pencils out — and a vacation never does. Rate-and-term refinancers still sitting above 7% should lock now rather than wait for a drop that may not arrive before summer ends.

Mortgage Rates Today for Real Estate Investors

At 6.47% for a primary residence, investor loans land near 7.07% once lenders add their standard surcharge. On a $300,000 rental with 25% down, you are financing $225,000 at that rate, which puts your monthly principal and interest at $1,508. That number is your floor before taxes, insurance, and maintenance.

Investors and mortgage rates today

Higher rates thin the buyer pool, which means fewer bidding wars on properties that actually cash-flow. Owner-occupants who stretch at 6.47% often disappear entirely at 7%-plus, leaving you fewer bidding wars on properties that pencil out. Focus your underwriting on gross rent multipliers, cap rates, and cash-on-cash returns rather than betting on rate relief.

Alternative financing options

Debt-service coverage ratio loans, which lenders underwrite on rental income rather than your W-2, are pricing between 7.25% and 7.75% right now. Fix-and-flip bridge money runs 10% to 12% for short terms. Model every deal at those actual rates, and if the cash flow still works, you have a real investment.

15-Year vs 30-Year: Which Is Right for You?

On a $350,000 loan, the 30-year at 6.47% runs $2,205 a month, while the 15-year at 5.71% costs $2,899. That monthly gap is real money. Over the full loan life, though, the 30-year generates $443,921 in total interest versus $171,810 on the 15-year — a difference of $272,111 that goes straight to a lender’s pocket instead of yours.

Who the 15-year fits

The 15-year at 5.71% is a powerful wealth-building tool, but it fits a specific borrower. You need stable income, a fully funded emergency reserve, and ideally a career in its peak earning years. If a job loss or large expense would force you to miss payments, the higher obligation becomes a liability, not an asset.

Why most pick the 30-year

For most homebuyers, the 30-year is the more prudent choice. The lower payment preserves cash flow for retirement contributions, repairs, and life. One extra principal payment per year captures much of the 15-year’s interest savings without locking you into an obligation you cannot reduce when times get tight.

Mortgage Programs & Assistance

FHA loans let you buy with 3.5% down if your credit score is 580 or above. Drop to the 500–579 range and you still qualify, but the minimum down payment rises to 10%. Because the federal government insures these loans, lenders take on less risk and typically price FHA rates 0.2–0.3% below conventional — so you might close closer to 6.2% than the headline 6.47%.

VA and USDA advantages

VA and USDA loans go even further. VA requires zero down payment and no private mortgage insurance, with rates running 0.25–0.50% below conventional for eligible veterans and active-duty service members. USDA offers zero-down financing in rural and many suburban ZIP codes — far more of the country qualifies than most buyers realize — yet both programs remain significantly underutilized.

State and local programs

State housing finance agencies get little attention but often offer fixed rates 0.25–0.75% below market. Many offer fixed rates 0.25–0.75% below market, and income limits frequently extend to $120,000 or higher, meaning these programs are not just for low-income buyers. Before you decide that 6.47% puts a purchase out of reach, spend an hour on your state agency’s website — the down-payment assistance alone can change the math entirely.

Mortgage Rates Today: The Bottom Line

Today’s 30-year fixed rate ticked up 1 basis point from 6.46% to 6.47%. That puts you near the lower half of the 30-day range of 6.41%–6.56%, which is a reasonable position. If you are closing within 30 to 45 days, lock now and protect that rate before any data release pushes it back toward the top of the range. If your closing is 60 days or more out, ask your lender about a float-down option so you keep upside if rates dip further.

Mortgage rates today: your move

Homebuyers should pull a formal loan estimate today and model the payment at 6.47%. On a $400,000 loan, your principal and interest comes to $2,520 a month, and that number is your baseline for every budget conversation. Refinancers still sitting above 7% should run a break-even calculation right now, because the spread between your current rate and mortgage rates today is wide enough to justify the math. Investors should hold the line on cap rates and cash-flow assumptions rather than stretching on price hoping for a rate rescue.

What to watch next

Watch CPI inflation report (Jul 14) for the next catalyst that could move rates off this level. A hotter-than-expected reading would likely push the 10-year Treasury yield higher and pull fixed mortgage rates up with it. A cooler result gives the Fed more room to signal easing, which would ease pressure on rates. Confirm your lock expiration date with your lender before July 14 — the CPI print can move rates the same morning it drops.