Rates rise - Today's mortgage rates for November 1, 2024

National mortgage rates increased for all types of loans compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans jumped.

Rates accurate as of November 1, 2024.

The rates listed here are marketplace averages based on the assumptions indicated here. Actual rates listed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Friday, November 1st, 2024 at 7:30 a.m. ET.

Market mortgage rates constantly change as the economy ebbs and flows, new data releases and lenders decide how much risk they’re willing to tolerate on a given day.

That includes Federal Reserve decisions. In mid-September, the central bank cut interest rates by a half-point, the first such move since the pandemic. The consensus for now is that the Fed could cut rates one or two more times before the end of the year.

Historical mortgage rates: How do today’s rates compare to years past?

The Fed doesn’t outright determine fixed mortgage rates, but its decisions matter. Mortgages tend to increase or decrease with the 10-year Treasury yield, the effective yield rate on 10-year Treasury notes. The 10-year yield rises when there’s less demand for notes — and this tends to happen when investors feel confident in the economy, including monetary policy.

Still, the Fed, inflation and yields shouldn’t necessarily drive your decision to buy or sell a home. There’s no surefire way to time the housing market, either. If you’re financially ready to move, check mortgage rates regularly to help find the lowest-cost lender.

Current 30 year mortgage rate advances, +0.10%

The average rate you'll pay for a 30-year fixed mortgage today is 6.90 percent, up 10 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.29 percent.

At the current average rate, you'll pay principal and interest of $658.60 for every $100,000 you borrow. That's an additional $6.67 per $100,000 compared to last week.

Use Bankrate’s mortgage rate calculator to approximate your monthly payments and see how much you’ll save by adding extra payments. Our tool will also help you calculate how much interest you’ll fork up over the life of the loan.

15-year mortgage rate increases, +0.09%

The average rate for a 15-year fixed mortgage is 6.16 percent, up 9 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $853 per $100,000 borrowed.

5/1 ARM goes up, +0.12%

The average rate on a 5/1 adjustable rate mortgage is 6.38 percent, adding 12 basis points from a week ago.

Monthly payments on a 5/1 ARM at 6.38 percent would cost about $624 for each $100,000 borrowed over the initial five years.

Jumbo mortgage trends upward, +0.09%

The average rate for a 30-year jumbo mortgage is 6.91 percent, up 9 basis points from a week ago. Last month on the 1st, the average rate for jumbo mortgages was below that at 6.43 percent.

At today's average rate, you'll pay a combined $659.27 per month in principal and interest for every $100,000 you borrow. Compared to last week, that's $6.01 higher.

30-year fixed-rate refinance advances, +0.14%

The average 30-year fixed-refinance rate is 6.91 percent, up 14 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.28 percent.

At the current average rate, you'll pay $659.27 per month in principal and interest for every $100,000 you borrow. That's an increase of $9.34 over what you would have paid last week.

When will mortgage rates go down?

With the Fed now making cuts, mortgage rates could continue to fall through the end of 2024 and into 2025. There might be some bouncing around, however. Recently, rates have trended slightly upward.

“In the words of Jerome Powell, the Fed is ‘recalibrating’ interest rates. Markets are recalibrating too, to reflect the fact that interest rates won’t come down as quickly as had been previously expected.” says Greg McBride, CFA, chief financial analyst for Bankrate.

As mortgage rates hover in the mid-6s, existing-home sales activity backtracked in September, down 3.5 percent year-over-year, according to the National Association of Realtors.

“There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy,” said Lawrence Yun, chief economist of NAR.

Some homebuyers are still holding out for lower rates, according to Bankrate’s Mortgage Rates Survey, which found that 47 percent of homeowners would need rates under 5 percent to feel comfortable buying a home in 2024.

Lower rates have also prompted some homeowners to refinance, with more potentially to follow. Nearly 3 million outstanding mortgages have a rate at or above 6.75 percent, according to CoreLogic. If rates fall more, refinancing could become more viable for these borrowers.

“The time to start thinking about it is when you can shave one-half to three-quarters of a percentage point off your rate,” McBride says.

For purchase loans, many are still holding out for lower rates, according to Bankrate’s Mortgage Rates Survey, which found that 47 percent of homeowners would need rates under 5 percent to feel comfortable buying a home in 2024.

More on current mortgage rates

• Expert poll: Mortgage rate trend predictions for this week
• Latest mortgage news for this week
• Compare current mortgage rates for today

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.