Most rates increase | Today's mortgage rates, November 11, 2024

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Nov 11, 2024 / 3 min read

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Mortgage interest rates were mostly up compared to last week, according to Bankrate data. Average rates for 15-year fixed, 5/1 ARMs, and jumbo mortgage loans ticked up, while 30-year fixed rates stayed flat.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	6.91%	6.91%	N/C
15-year fixed	6.19%	6.17%	+0.02
5/1 ARM	6.34%	6.32%	+0.02
30-year fixed jumbo	6.93%	6.86%	+0.07

Rates last updated November 11, 2024.

The rates listed here are Bankrate's overnight average rates and are based on the assumptions indicated here. Actual rates listed on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, November 11th, 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 has one more opportunity to cut rates this year when it meets in December..

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, real life doesn't necessarily consider the Fed, inflation 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 fixed-rate mortgage stays put

Today's average 30-year fixed-mortgage rate is 6.91 percent, unchanged over the last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.60 percent.

At the current average rate, you'll pay a combined $659.27 per month in principal and interest for every $100,000 you borrow.

There are several benefits to choosing a fixed-rate mortgage when buying new house, including predictable mortgage payments.

Learn more: What is a fixed-rate mortgage and how does it work?

15-year mortgage rate climbs, +0.02%

The average 15-year fixed-mortgage rate is 6.19 percent, up 2 basis points over the last week.

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

5/1 ARM moves up, +0.02%

The average rate on a 5/1 adjustable rate mortgage is 6.34 percent, rising 2 basis points since the same time last week.

Monthly payments on a 5/1 ARM at 6.34 percent would cost about $622 for each $100,000 borrowed over the initial five years.

Jumbo mortgage interest rate moves up, +0.07%

The average rate for a jumbo mortgage is 6.93 percent, an increase of 7 basis points since the same time last week. This time a month ago, jumbo mortgages' average rate was lesser at 6.73 percent.

At the average rate today for a jumbo loan, you'll pay principal and interest of $660.61 for every $100,000 you borrow. That's an increase of $4.68 over what you would have paid last week.

30-year mortgage refinance declines, -0.01%

The average 30-year fixed-refinance rate is 6.92 percent, down 1 basis point over the last week. A month ago, the average rate on a 30-year fixed refinance 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 down $0.67 from what it would have been 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.