Rates increase | Today's mortgage rates, October 25, 2024

Mortgage rates moved higher 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 increased.

Rates as of October 25, 2024.

These rates are marketplace averages based on the assumptions 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, October 25th, 2024 at 7:30 a.m. ET.

Market mortgage rates fluctuate as the economy evolves, 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 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.

30-year fixed-rate mortgage trends higher, +0.25%

The average rate you'll pay for a 30-year fixed mortgage today is 6.80 percent, an increase of 25 basis points from a week ago. Last month on the 25th, the average rate on a 30-year fixed mortgage was lower, at 6.22 percent.

At the current average rate, you'll pay $651.93 per month in principal and interest for every $100,000 you borrow. That's an increase of $16.57 over what you would have paid last week.

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

15-year mortgage rate advances, +0.24%

The average rate for the benchmark 15-year fixed mortgage is 6.07 percent, up 24 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $848 per $100,000 borrowed.

5/1 adjustable rate mortgage trends higher, +0.13%

The average rate on a 5/1 adjustable rate mortgage is 6.26 percent, up 13 basis points over the last 7 days.

Monthly payments on a 5/1 ARM at 6.26 percent would cost about $616 for each $100,000 borrowed over the initial five years.

Jumbo loan interest rate increases, +0.16%

The average jumbo mortgage rate is 6.82 percent, an increase of 16 basis points since the same time last week. A month ago, the average rate for jumbo mortgages was lesser at 6.36 percent.

At the average rate today for a jumbo loan, you'll pay $653.26 per month in principal and interest for every $100,000 you borrow. That's an extra $10.63 compared with last week.

Current 30 year mortgage refinance rate moves up, +0.23%

The average 30-year fixed-refinance rate is 6.77 percent, up 23 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was lower at 6.21 percent.

At the current average rate, you'll pay $649.93 per month in principal and interest for every $100,000 you borrow. That's up $15.23 from what it would have been 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 inched back up.

“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.

Still, the housing outlook is on the rise. In September, Fannie Mae’s Home Purchase Sentiment Index rose to its highest level in over two years. A full 65 percent of respondents to Fannie’s survey said now is a good time to sell a home, and a record 42 percent said they expect mortgage rates to decline over the next 12 months.

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. Refinancing could make sense for these borrowers as rates retreat.

“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

• Mortgage rate trend predictions for this week
• The 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.