Rates continue to rise as Fed issues another cut | Mortgage rates for today, November, 8

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Nov 08, 2024 / 3 min read

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Mortgage interest rates rose 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 rose.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	6.92%	6.90%	+0.02
15-year fixed	6.18%	6.16%	+0.02
5/1 ARM	6.40%	6.38%	+0.02
30-year fixed jumbo	6.96%	6.91%	+0.05

Rates accurate as of November 8, 2024.

The rates listed above are Bankrate's overnight average rates and are based on the assumptions shown 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 8th, 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. In early November, the central bank cut interest rates by a quarter-point following a half-point reduction in September. It could continue on that path in 2025, but the outlook is cloudy given the reelection of Donald Trump.

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.

30-year mortgage rate increases, +0.02%

Today's average 30-year fixed-mortgage rate is 6.92 percent, an increase of 2 basis points since the same time last week. Last month on the 8th, the average rate on a 30-year fixed mortgage was lower, at 6.57 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 an extra $1.34 compared with last week.

Most mortgage lenders defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers as it allows the borrower to scatter mortgage payments out over 30 years, keeping their monthly payment lower.

15-year mortgage rate goes up, +0.02%

The average rate you'll pay for a 15-year fixed mortgage is 6.18 percent, up 2 basis points from a week ago.

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

5/1 ARM rate increases, +0.02%

The average rate on a 5/1 ARM is 6.40 percent, up 2 basis points since the same time last week.

Monthly payments on a 5/1 ARM at 6.40 percent would cost about $626 for each $100,000 borrowed over the initial five years.

Jumbo loan interest rate advances, +0.05%

The average jumbo mortgage rate today is 6.96 percent, up 5 basis points since the same time last week. Last month on the 8th, the average rate on a jumbo mortgage was lesser at 6.63 percent.

At today's average jumbo rate, you'll pay $662.62 per month in principal and interest for every $100,000 you borrow. Compared to last week, that's $3.35 higher.

Today's 30-year mortgage refinance rate moves upward, +0.02%

The average 30-year fixed-refinance rate is 6.93 percent, up 2 basis points from 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 $660.61 per month in principal and interest for every $100,000 you borrow. That's an increase of $1.34 over what you would have paid last week.

When will mortgage rates go down?

Despite Fed cuts, mortgage rates might not drop significantly anytime soon. 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.