Mortgage interest rates have trended downward over the past 30 days, leading to potential savings for new borrowers of approximately $19 per month for every $100,000 borrowed. As of this week, the average U.S. interest rate for 30-year fixed-rate mortgages stands at 6.49%, down from 6.77% a month ago. However, forecasts for future interest rate changes remain mixed.
When comparing current rates with the long-term average of 7.73%, homeowners are saving about $84 per month per $100,000 borrowed. Additionally, mortgages are now less expensive than they were a year ago. Over the past year, the average decrease in monthly payments for a $100,000 30-year fixed-rate mortgage is around $31. If you were to max out a conventional mortgage today, your monthly payment would be approximately $239 less than it would have been in August 2023.