Rates remain elevated - Current mortgage rates, November 15, 2024

Written by

Nov 15, 2024 / 3 min read

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

Mortgage interest rates were mixed compared to last week, according to Bankrate data. See below for a detailed breakdown of how each loan type moved.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	6.91%	6.92%	-0.01
15-year fixed	6.16%	6.18%	-0.02
5/1 ARM	6.43%	6.40%	+0.03
30-year fixed jumbo	6.97%	6.96%	+0.01

Rates last updated November 15, 2024.

The rates listed above are Bankrate's overnight average rates and are based on the assumptions indicated here. Actual rates displayed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Friday, November 15th, 2024 at 7:30 a.m. ET.

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

That includes Federal Reserve decisions. In early November, the central bank cut interest rates by a quarter-point following a half-point reduction in September. The Fed had hinted it would lower rates more in 2025, but the reelection of Donald Trump could reroute those plans..

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 moves lower, -0.01%

The average rate you'll pay for a 30-year fixed mortgage today is 6.91 percent, a decrease of 1 basis point since the same time last week. Last month on the 15th, the average rate on a 30-year fixed mortgage was lower, at 6.58 percent.

At the current average rate, you'll pay principal and interest of $659.27 for every $100,000 you borrow. Compared with last week, that's $0.67 lower.

15-year mortgage rate moves lower, -0.02%

The average rate for a 15-year fixed mortgage is 6.16 percent, down 2 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 rate moves upward, +0.03%

The average rate on a 5/1 ARM is 6.43 percent, rising 3 basis points over the last week.

Monthly payments on a 5/1 ARM at 6.43 percent would cost about $627 for each $100,000 borrowed over the initial five years.

Jumbo mortgage rate moves up, +0.01%

The average rate for the benchmark jumbo mortgage is 6.97 percent, up 1 basis point since the same time last week. A month ago, jumbo mortgages' average rate was lesser at 6.66 percent.

At the current average rate, you'll pay $663.29 per month in principal and interest for every $100,000 you borrow. That's up $0.67 from what it would have been last week.

Today's 30-year mortgage refinance rate drops, -0.03%

The average 30-year fixed-refinance rate is 6.90 percent, down 3 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.58 percent.

At the current average rate, you'll pay $658.60 per month in principal and interest for every $100,000 you borrow. That's $2.01 lower, compared with last week.

When will mortgage rates go down?

Fed rate cuts don't automatically translate to lower mortgage rates. In fact, since the Fed’s first cut in September, mortgage rates have only gone up. As of Nov. 6, the average 30-year fixed-rate mortgage was 7 percent — up 80 basis points from the September meeting, according to Bankrate data.

This was in large part due to rising yields on Treasury bonds. Donald Trump’s reelection sent 10-year Treasury bond yields even higher as investors prepare for a potential rise in inflation.

“Election outcomes do not impact mortgage rates — at least not immediately,” says Ken Johnson of the University of Mississippi. “The trend in 10-year Treasury yields impacts mortgage rates, and the yield on Treasurys has been rising steadily for six weeks.”

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.