Majority of rates fall | Mortgage rates for November 29, 2024

Mortgage interest rates were mostly down compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed and jumbo mortgages each decreased, while rates for ARM loans rose.

Rates last updated November 29, 2024.

The rates listed above are Bankrate's overnight average rates and are based on the assumptions shown here. Actual rates available within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Friday, November 29th, 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 is meeting once again in December, when policymakers will share economic projections and a decision on rates.

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.

Current 30 year mortgage rate slides, -0.05%

The average rate you'll pay for a 30-year fixed mortgage today is 6.91 percent, down 5 basis points over the last seven days. Last month on the 29th, the average rate on a 30-year fixed mortgage was lower, at 6.91 percent.

At the current average rate, you'll pay principal and interest of $659.27 for every $100,000 you borrow. That's lower by $3.35 than it would have been last week.

The 30-year mortgage is the most popular home loan, and it has a number of advantages. Among them:

• Lower monthly payment: Compared to a shorter-term mortgage, such as 15 years, the 30-year mortgage offers more affordable monthly payments spread over time.
• Stability: With a 30-year fixed mortgage, you lock in a set principal and interest payment, making it easier to plan your housing expenses for the long term. Keep in mind: Your monthly housing payment can change if your homeowners insurance premiums and property taxes go up or, less likely, down.
• Buying power: Because you have lower payments, you might qualify for a bigger loan or a more expensive house.
• Flexibility. Lower monthly payments can free up some of your monthly budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.

15-year mortgage rate declines, -0.05%

The average rate for a 15-year fixed mortgage is 6.18 percent, down 5 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $854 per $100,000 borrowed.

5/1 adjustable rate mortgage trends higher, +0.21%

The average rate on a 5/1 adjustable rate mortgage is 6.68 percent, rising 21 basis points since the same time last week.

Monthly payments on a 5/1 ARM at 6.68 percent would cost about $644 for each $100,000 borrowed over the initial five years.

Jumbo mortgage falls, -0.05%

The average jumbo mortgage rate today is 6.95 percent, down 5 basis points over the last seven days. Last month on the 29th, jumbo mortgages' average rate was lower at 6.86 percent.

At the current average rate, you'll pay a combined $661.95 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $3.35 lower.

30-year mortgage refinance eases, -0.04%

The average 30-year fixed-refinance rate is 6.92 percent, down 4 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was higher at 6.93 percent.

At the current average rate, you'll pay $659.94 per month in principal and interest for every $100,000 you borrow. That's $2.68 lower, 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

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

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.