Rates rise - Mortgage rates for today, November 22, 2024

National mortgage rates edged higher for all loan terms compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans moved higher.

Rates accurate as of November 22, 2024.

The rates listed above are averages based on the assumptions indicated here. Actual rates listed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Friday, November 22nd, 2024 at 7:30 a.m. ET.

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

That includes Federal Reserve decisions. Since the central bank started cutting interest rates, mortgage rates have climbed, rather than retreat. That’s because the Fed doesn’t outright determine fixed mortgage rates. Instead, they increase or decrease mostly 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.

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

The Fed has one more 2024 meeting slated in December, when it’ll release economic projections for next year and potentially cut rates again.

Still, your housing needs might change regardless of the Fed and yields. If you're in a position to buy or sell a home now, it might be better to make a move than try to wait out the market. Wherever prevailing rates are, shop lenders to help uncover the best deal.

30-year mortgage rate rises, +0.05%

The average rate for a 30-year fixed mortgage for today is 6.96 percent, an increase of 5 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 6.82 percent.

At the current average rate, you'll pay a combined $662.62 per month in principal and interest for every $100,000 you borrow. That's $3.35 higher compared with last week.

Learn more about 30-year mortgage rates, and compare to a variety of other loan types.

15-year mortgage rate advances, +0.07%

The average rate for a 15-year fixed mortgage is 6.23 percent, up 7 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $856 per $100,000 borrowed.

5/1 ARM rate rises, +0.04%

The average rate on a 5/1 adjustable rate mortgage is 6.47 percent, adding 4 basis points over the last 7 days.

Monthly payments on a 5/1 ARM at 6.47 percent would cost about $630 for each $100,000 borrowed over the initial five years.

Current jumbo mortgage rate moves up, +0.03%

The average rate for a jumbo mortgage is 7.00 percent, up 3 basis points over the last week. Last month on the 22nd, jumbo mortgages' average rate was lower at 6.78 percent.

At the average rate today for a jumbo loan, you'll pay a combined $665.30 per month in principal and interest for every $100,000 you borrow. Compared to last week, that's $2.01 higher.

30-year mortgage refinance goes up, +0.06%

The average 30-year fixed-refinance rate is 6.96 percent, up 6 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was lower at 6.81 percent.

At the current average rate, you'll pay $662.62 per month in principal and interest for every $100,000 you borrow. That's an extra $4.02 compared with last week.

When will mortgage rates go down?

Mortgage rates have only gone up since the Fed started cutting rates in September. As of Nov. 20, the average 30-year fixed mortgage rate was 7.02 percent — up over 80 basis points from the September meeting, according to Bankrate data.

“Add in the proposed Trump tariffs, and there’s some real concern that inflation isn’t whipped, and the expected big Fed rate cuts aren’t as much a sure thing as they were just a few weeks ago,” says Sean Salter of Middle Tennessee State University, who expects rates to further trend upward in the coming weeks.

More on current mortgage rates

• Mortgage rate trend predictions for this week
• The 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.